Kenyan hotelier TPS acquires hotel in Tanzania
24 November 2011, 17:31
Nairobi - Kenya's TPS Eastern Africa , operator of the Serena Hotels chain, has bought a five-star hotel in the Tanzanian capital Dar es Salaam, giving the chain a presence in one of the region's fastest-growing economies.
TPS said it had acquired the 230-room, five-star Royal Palm Hotel from Movenpick Hotels and Resorts, without disclosing the value of the transaction.
The hotel will be renamed the Dar es Salaam Serena Hotel from next month, TPS said in a statement late on Wednesday.
"The hotel will be positioned as the premier up-market five-star hotel for the discerning corporate and leisure clientele," the company said.
TPS operates in Kenya, Zanzibar, Mozambique, Rwanda and Uganda. It also has a small presence in northern Tanzania.
Serena Hotels has expanded from four units in the early 1970s to a collection of 25 luxury hotels, resorts, camps and safari lodges catering to the leisure and business markets.
Its main shareholder is the Aga Khan Fund for Economic Development, an international development agency.
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