CySuites, Cytonn Ventures into Hospitality Industry
Cytonn has made a move to diversify its financial base by investing in the hospitality industry with its first Cysuites Apartment Hotel in Westlands.
The financial investment company Chief Executive Officer, Edwin Dande, shared that the facility offers amenities to meet the needs of brief and lengthy stays to visitors.
The new investment comes after a successful real estate venture which has seen more than 8,000 clients invest Sh12 billion in real estate sector.
“Serviced apartments charge lower rates per night than hotels, provide larger spaces and have a home feel. This project aims at positioning Cytonn in the new investment frontier,” said the CEO.
KNCCI’s President Richard Ngatia launched the multimillion complex which offers 32- two-bedroom apartments, six one-bedroom apartments and two penthouses on Saturday by Kenya National Chamber of Commerce and Industry president Richard Ngatia.
Mr Ngatia lauded Cytonn for launching CySuites saying it has created more than 100 direct jobs. Mr Dande assured clients of better returns.
He announced that Kenya is still the most preferred investment destination noting that the country is the global home of mobile money transfer that transacts billions of shillings daily.
Some of the projects undertaken by the company include the ongoing construction of Villas in Karen, Amara Ridge, Applewood and Situ Village.
Kiambu County Minister for Lands James Maina who is also a board member of Cytonn Investments said serviced apartments in Westlands have an average of 85 per cent occupancy rate.
“CySuites apartment falls into tourism sector which is a key driver of the Kenyan economy. The investment will create jobs along the value chain,” said Prof Mugendi.