Ubumwe Grand Hotel fetches $34 million in auction
December 24, 2018 – Rwanda’s signature hotel development Ubumwe Grande, has today fetched $34.053 million in as auctioneers moved to recover money owed to Kenya Commercial Bank’s Rwandan unit.
The winning bid for the property was offered by little known Umubano Industries, a trading company that was registered three years ago.
More than a dozen interested parties put in bids for the property that went under the hammer over an outstanding $19 million loan the shareholder took from the lender for the hotels construction. Ubumwe was put under receivership in September, after a shareholder dispute stalled loan repayments.
Also see:https://www.256businessnews.com/backup/kigalis-ubumwe-grande-in-peril-as-nepalese-investor-chaudhary-group-vanishes/
The $34 million bid is the highest value fetched in any auction in Rwanda. The property had also been lined up for re-branding as a Double Tree by Hilton in 2017 but the raging shareholder dispute halted the plans.