Kingdom Kenya BV

completed

_x000C_The project consists of the acquisition and refurbishment of five hotels and lodges in Kenya that previously comprised Lonrho Hotels Kenya B.V. These are the following: - Norfolk Hotel, Nairobi (167 rooms) - Mount Kenya Safari Club (114 rooms) - Mara Safari Club (50 room tents) - Ark Safari Lodge, Aberdare (60 rooms) - Aberdare Country Club (48 rooms) Acquisition has been recently finalized for $33.4 million and refurbishment cost is estimated at $29.6 million, for a total project cost of $63.0 million. Kenya is rich in tourism assets and after suffering in the last few years mainly due to security concerns, signs of recovery are apparent. In addition to capitalizing on the upswing in demand in Kenya, the sponsors believe the project will create significant value by: - enhancing performance through stronger management; - positioning the hotels to effectively compete at the top end of the market; - leveraging off KHI and Fairmont’s international exposure; and - benefiting from KHI’s economies of scale in the Africa region.