Kampala, Uganda | THE INDEPENDENT | Rwanda’s Ubumwe Grande Hotel fetched $34.053 million in as auctioneers that was held on Dec 24 to recover money owed to Kenya Commercial Bank’s Rwandan unit. The winning bid for the property was offered by Umubano Industries.
Reports indicate that more than a dozen interested parties put in bids for the property that went under the hammer over an outstanding US$19 million loan the shareholder took from the lender for the hotels construction.
Ubumwe was put under receivership in September last year, after a shareholder dispute stalled loan repayments.
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.