Machakos-based billionaire Chris Musau has acquired the 680 Hotel in Nairobi Central Business District.
Machakos billionaire buys 680 Hotel in Nairobi
The billionaire bought his first 10,000-acre land at the age of 22
Musau, who is the proprietor of the Maanzoni lodges in Machakos, has added the 680 Hotel to his portfolio for an estimated sum of Sh1.2 billion.
“Maanzoni has completed the sale of 680 Hotel. They needed a presence in Nairobi’s city centre,” said a transaction advisor involved in the deal.
As of 2018, the hotel which has 680 beds was said to be earning up to Sh213 million in annual revenues.
It was previously owned by billionaire Jagdesh Patel who had instructed property managers to sell the hotel alongside seven others; Boulevard Hotel, Castle Royal Hotel (Mombasa), Elementaita Lodge, Samburu Lodge, Sentrim Tsavo, Sentrim Amboseli and Sentrim Mara.
The hotel is reported to have piqued the curiosity of both local and foreign investors, amid reports that Deputy President William Ruto was interested in the property.
Musau is a real estate investor who started buying property as young as 22, when he bought a 10,000-acre piece of land from a foreigner at Sh280 per acre.
He started the Sh680 million Maazoni Lodge in Machakos as a passtime two years after he disposed of his supermarket chain to Naivas.
“None of my children were keen on taking over operations of Nova Supermarkets in Machakos and Komarock that saw me work for eight straight years starting at 6am to midnight daily,” he said in a past interview.
The sale of the 680 Hotel comes just days after a Qatari-backed private equity fund bought Crowne Plaza Hotel in Upperhill for Sh4.6 billion.
According to regulatory papers, Crowne Plaza is controlled by Golden Jubilee Limited, of which billionaire Akbarali controls 97.5 percent and Anish Akbarali 2.5 percent.
Eyewitness? Submit your stories now via social or: