Intercontinental Hotels Sells Stake in Kenyan Unit

November 27, 2015

Kenya Hotel Properties sells 33.38% stake in InterContinental Hotel Nairobi to Sovereign Group, a fund associated with former Kenyan President Daniel Moi, newspaper reports, citing official Gazette notice.

* Competition Authority of Kenya approves sale of 5.87m shrs to Sovereign Group;
* Sovereign Group’s stake in InterContinental Nairobi rises to 53.13%: Daily;
* Kenyan govt owns 33.83% of hotel. Source: Bloomberg