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TPS Eastern Africa Limited, Serena Hotels and PROPARCO, a Subsidiary of the French Development Agency have signed a USD 20 Million Loan Agreement


<strong>TPS Eastern Africa Limited, Serena Hotels and PROPARCO, a Subsidiary of the French Development Agency have signed a USD 20 Million Loan Agreement</strong> <br /><br /><br />

Supporting tourism development and employment creation in Kenya

TPS Eastern Africa Limited (TPSEAL) trading as the SERENA HOTELS has received approval of a US$ 20 million loan facility from PROPARCO, France to fund capital expenditure needs of the Kenyan portfolio of Hotels, Lodges and Camps to be implemented over a two year period commencing year 2016.

The Nairobi Serena Hotel will undergo redevelopment and refurbishment commencing year 2016 on a phased basis. The project will include new conference and banqueting facilities, refurbished bedrooms and public areas. Investments in other Serena properties in Kenya will continue to be implemented on an ongoing basis.

PROPARCO’s long-term relationship with the TPS Serena Group of Companies include: shareholding in TPS Eastern Africa Limited, a public listed company on the Nairobi Securities Exchange; equity participation in the Kampala Serena Hotel which will add 32 new bedrooms and food & beverage and meeting facilities during the period 2015 and 2016; and equity participation in Dar es Salaam Serena Hotel which is scheduled to undergo refurbishment and extension of the dining areas, Maisha Spa and public areas commencing January 2016.

PROPARCO and Serena Hotels continue to build on its long-term relationship and are proud to have been able to play a leading role in the growth and development of the East African region. Both institutions share a common vision and are recognized for making outstanding contribution in an integrated ethical approach towards local economic and human resource development; building economically sound enterprises in the developing world; environmental conservation while seeking to maximize on the socio-economic benefits to the local economy; and promoting awareness of local culture and national heritage in a sensitive manner.

“PROPARCO is honoured to support a stakeholder like TPS that has risen to the challenge of promoting sustainable and culturally sensitive tourism in under-served regions.” says Claude Périou, CEO of PROPARCO. “Tourism, as an industry, is a major economic growth driver, creator of employment and an effective tool for local development. Sound hospitality infrastructure is essential to a country’s attractiveness, competitiveness and ability to draw foreign investment.

“Serena’s hotels, lodges and resorts distinguish themselves through their contribution to the local economy, their good governance, the training of skilled manpower, the involvement of craft industries and through sensitive conservation of the surrounding area. This includes placing priority on the hiring and training of local residents for employment at all levels,” adds Mahmud Janmohamed, Managing Director of Serena Hotels.

For more information, visit The Serena Experience Blog.

  • <strong>TPS Eastern Africa Limited, Serena Hotels and PROPARCO, a Subsidiary of the French Development Agency have signed a USD 20 Million Loan Agreement</strong> <br /><br /><br />

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