TPS Eastern Africa, a leading player in the regional hospitality sector majority-owned by spiritual leader Shah Karim al-Husayni, the Aga Khan IV, has announced plans to build a multi-purpose conference facility in Nairobi at an estimated cost of 30 million Ksh3.8 billion.
The project, unveiled by the Kenya-based hospitality company that owns the Serena hospitality brand , marks a renewed investment appetite following the operational challenges brought about by the COVID-19 pandemic.
A two-year construction timeline setAccording to TPS Eastern Africa CEO Ashish Sharma, construction is set to begin early next year, with the project expected to take two years to complete.
Feasibility studies are scheduled to conclude by December 2024. The facility will be built on a 1.12-acre piece of land currently used as a parking area for the Nairobi Serena Hotel. Financing for the project will come from loans and partner support.
