Umubano Hotel for sale

By Nicole Kamanzi M.
On 13 August 2020 at 12:08

Rwanda Development Board (RDB) has sent out invitation to interested investors to bid for the Umubano Hotel, currently managed by Agaciro Development Fund.

A statement issued by RDB states that the Government of Rwanda prioritizes support for the private sector and thus RDB is looking for investors who can buy the property in a fair and transparent competitive bidding process.

“The purpose of this tender notice is to identify potential companies and/or consortiums with the requisite technical and financial capacity to purchase and operate the hotel,” it said.

One of the key factors for an investor who will take over the Kacyiru-based hotel facility is to turn it into a five-star hotel within the shortest time possible.

RDB said it will work with the new investor to turn the hotel into a flagship that will meet various local and international environmental sustainable standards to attract local and international clients.

Umubano is one of the oldest hotels in Rwanda and had been acquired by Madhvani Group at a tune of $13 million in April 2017 after years under liquidation.

The hotel has been in the hands of several other investors, including the Libyan government-affiliated LAP Investments which operated it under Laico Hotels brand; it has also previously been managed by global hotel brands including Novotel, Meridian and Accord.

The Government has set September 11 as the closing date for submission of applications from potential bidders.

Umubano is one of the oldest hotels in Rwanda and had been acquired by Madhvani Group at a tune of $13 million in April 2017 after years under liquidation.

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