(eTN) – As ties with the new Libyan government continue to improve, news broke that the Rwandan government, initially intent to sell off the Umubano Hotel, halted the sale when Laico Hotels failed to live up to their end of the bargain to renovate and expand. This property, under Gadaffi’s Libya, had become part of Gadaffi’s African hotel empire.
Information was brought to the board’s attention, that both partners have nominated individuals to the Board of Directors, and Libya will avail the money to modernize and upgrade the hotel, apparently causing a change of heart by the Rwandan government.
Rwanda is known in the region to be an excellent investment destination, ensuring that commitments made by investors are fulfilled and pledges turned into action. For the most part, this reputation has brought only serious investors with viable projects to the “land of a thousand hills,” unlike in other East African countries where often quacks are given the red carpet treatment while taking the host governments for a ride.
The Rwandan government had commissioned an international audit firm to establish the current market value of the property, ahead of a potential sale to a new investor – after clarifying that Laico would in such a case get their 60 percent share of the proceeds, however, this latest turn of events seems to rule a sale out as the partnerships are filling with new spirit and life.
A renovation and modernization of the hotel will add much-needed beds to cater to tourists and business visitors, as Rwanda is pushing ahead with the construction of the US$250+ million national convention center and other measures to position the country as a hub for service industries, in particular the ICT sector, and to promote tourism as a mainstream economic activity.