KCB Group dishes out Sh2b for expansion of Ole Sereni Hotel

Kenya: Kenya Commercial Bank Group (KCB) has signed a Sh1.9 billion deal to finance expansion of Mombasa Road-based Ole Sereni Hotel.

The move strengthens the bank’s engagement in the hospitality sector after previously co-financing to the tune of more than Sh5 billion the recently-opened English Point Marina development in Mombasa.

The agreement signed with owners of the hotel, Placid View Properties Ltd, will see the bank fully finance the second expansion phase of the facility overlooking Nairobi National Park. The deal is part of the KCB’s Asset Based Financing portfolio that supports structured partnerships geared towards according customers greater efficiency and satisfaction.

financial muscle

Kenya Commercial Bank Chief Business Officer and MD Kenya Sam Makome, said the financial institution has the ability to bankroll such initiatives given its financial muscle to drive growth of businesses in Kenya and the region at large.

“KCB Group believes it is only through strategic collaborations with various industry players that it will enhance the provision of services to their clientele. This partnership cements our resolve of being a world-class provider of financial services to advance the development of various projects,” he said during the signing ceremony in Nairobi yesterday.

Ole Sereni General Manager Ghulam Samdani said once the project is completed, the new facility would offer unparalleled products and services that would position the hotel as a preferred destination for visitors looking at getting value for their money.

“Its prime location will allow visitors to have a panoramic view of the city and the national park “ he added. KCB Group and Ole Sereni have been partnering since 2009 when the bank financed the renovation of the hotel. The collaboration has enabled both entities to mutually benefit from each other through enhanced product offering.