Within the first three years, the company plans to spend Sh3.5 billion in setting up two new three-star hotels in Shanzu, Mombasa and Kisumu as well as renovate one of its properties in Westlands area of Nairobi.
The Shanzu hotel which will be on a 16-acre piece of land will include a 280 room beach hotel with conferencing facilities of up to 1,500 people while the Kisumu hotel will have 52 rooms.
Pride Group CEO Hasnain Noorani says the three properties will be complete by August next year.
“As of now these are the two investments projects that are coming up. However when we finish these two, we are also renovating our Raphta Road property and we are going to come up with a 100 bedroomed unit. As of this year we are looking at a total spending of approximately Sh3.5billion,” Noorani said while announcing the group’s expansion plans.
With these expansion plans, the group targets to create 800 more jobs from its current 300 by the end of 2015.
He said the strictly three-star hotels will later start moving into other areas starting with Eldoret, Machakos and Nakuru.
“However, as a business we understand that this is long-term and we have been and shall continue to experience the return on investment which will be approximately 10 to 15 years,” he said.
The group which started three years ago is optimistic that despite the challenges facing the hotel and tourism industry at large, this was the best time to invest in the sector especially by the local hotel industry.
“What is facing the tourism sector is what I would personally call a passing black cloud. If we as Kenyans start having negative attitude about our country, really, how are we going to persuade the international investors in this sector to come on board?” he argued.