MADHVANI GROUP EMERGES FRONTRUNNER TO TAKE OVER THE UMUBANO HOTEL IN KIGALI
(Posted 01st February 2017)
Previously owned by the Rwandan government and the Libyan Africa Investment Company LAICO, before losing the hotel after Libya failed to refurbish the hotel under the terms of the initial MoU is the Umubano Hotel now lined up for fresh privatisation. The hotel company is under liquidation and former shareholders are due to get some form of recompense after the property has been sold on it was learned.
Uganda’s Madhvani Group has reportedly emerged as frontrunner for taking over the three star hotel and then embark on a major modernization and upgrade of the structures. With safari lodge properties in Uganda and Kenya, and more recently a chain of three star hotels along the Indian Hindu pilgrimage circuit, is Marasa Africa no doubt qualified to take on such a venture and live up to the terms agreed with the Rwandan government. Comments by the liquidator were quoted in Rwandan media earlier this week to the effect that while no deal has been finalised is the end of the negotiations near following a high powered visit of Madhvani executives to Kigali last week.