New Vision (Kampala)
February 13, 2004
Vision Reporter

Aga Khan Finalises Nile Hotel Takeover

The Serena Hotels interests in acquiring the Nile Hotel complex dates way back to 1993, Mahmud Mohammed, the Tourism Promotion Services (TPS) chief said on Wednesday.

"We have been trying to get into Nile Hotel. We always believed that our success would be in having a total East African presence," Mohammed said.

"This property has a great location and has great potential. By 2005 September, this hotel will be the flagship hotel in Uganda. It will be springfield for tourism because the industry's potential needs to be rediscovered," he said.

Mohammed was speaking after the signing ceremony to grant the lease concession of Nile Hotel to Serena Tourism Promotion held in Kampala.

Prince Amyn Aga khan, chairman of the Aga Khan Fund for Economic Development signed on behalf of TPS while Prof. Peter Kasenene signed on behalf of Government.

The 30-year concession requires TPS to invest $18m in the refurbishment and upgrading of the hotel reopen in September 2005 as Kampala Serena hotel.

"We hope this initiative will advance tourism development in Uganda to spur to other investments. When it reopens, it will be a new concept," Prince Aga Khan told reporters.