The Competition Authority of Kenya (CAK) finally approved billionaire investor Jagdesh Patel to sell 680 Hotel since the plans were first unveiled in 2018.
The Nairobi-based hotel, which is owned by Sentrim Hotel, will be acquired by Maanzoni Lodge Limited at Ksh1.2 billion valuation.
In a statement, CAK, a Government authority established under the Competition Act, approved the merger between the two entities.
“The transaction, therefore, qualified as a merger within the meaning of section 2 and 41 of the Competition number 12 of 2010 and subject to full analysis,” the statement read in part.
Maanzoni Limited is associated with another heavyweight businessman Christopher Musau.
In September 2018, Patel placed the hotel, located along Kenyatta Avenue in Nairobi CBD, on sale through an advertisement in the Daily Nation.
At the time, the hotel was placed on sale alongside seven other establishments including Boulevard Hotel, Castle Royal Hotel (Mombasa) and Elementaita Lodge.
Others are Samburu Lodge, Sentrim Tsavo, Sentrim Amboseli and Sentrim Mara.
Of the eight establishments under Santrim Hotels, 680 was the biggest earning hotel and raked in Ksh213 million in 2018.
The name 680 was realised when the hotel was opened due to the number of beds it contained.
According to a report by Business Daily, Musau joined the hospitality industry two years ago after leaving the retail business when he sold his Nova Supermarkets brand.
He joined the industry as a past time but is now angling towards becoming a major player nationwide.
