Serena Hotels to build $30M conference facility in Nairobi
Serena Hotels, operated by TPS Eastern Africa, has announced plans to construct a $30-million multi-purpose conference facility in Nairobi. The project, revealed by CEO Ashish Sharma, will enhance the company's offerings in Kenya's capital.
The new facility will be built on a 1.12-acre plot currently serving as parking space for the Nairobi Serena Hotel. Feasibility studies are underway and expected to conclude around December. Financing for the project will come from loans and partner support.
The conference complex will feature a main hall accommodating 500-1,000 people, banqueting space, meeting rooms, an underground car park, and areas for business leasing. This development aims to strengthen Serena Hotels' position in the growing conference and events market.
This expansion comes after a strong financial performance by TPS Eastern Africa, Serena Hotels' parent company, which reported a net profit of Sh870.87 million for the year ended December 2023.
The project aligns with the recovering travel and tourism sector, which is expected to return to pre-pandemic levels this year.
Source: CCE