Aga Khan IV-backed TPS to build multi-purpose conference facility in Nairobi

Omokolade Ajayi -

Key Point

  • TPS Eastern Africa, majority-owned by Aga Khan IV, plans a conference facility in Nairobi.
  • Construction begins early next year, with completion expected in two years, utilizing adjacent land near Nairobi Serena Hotel.
  • Facility to host 500-1,000, offer leasing opportunities; part of TPS Eastern Africa’s expansion post-pandemic revenue surge.

TPS Eastern Africa, a leading player in the regional hospitality sector majority-owned by spiritual leader Shah Karim al-Husayni, the Aga Khan IV, has announced plans to build a multi-purpose conference facility in Nairobi, Kenya’s capital city.

The project, unveiled by the Kenya-based hospitality company that owns the Serena hospitality brand, marks a renewed investment appetite following the operational challenges brought about by the COVID-19 pandemic.

A two-year construction timeline set

The cost and size of the project will be revealed after a planned feasibility study. According to TPS Eastern Africa CEO Ashish Sharma, construction is set to begin early next year, with the project expected to take two years to complete.

Feasibility studies are scheduled to conclude by December 2024. The facility will be built on a 1.12-acre piece of land currently used as a parking area for the Nairobi Serena Hotel. Financing for the project will come from loans and partner support.

“We have a piece of land next to Nairobi Serena hotel that we call the green triangle that currently operates as our parking space. This is the land where we plan to build the multi-purpose real estate building,” Sharma said.

Facility to host up to 1,000 people

The new conference facility will include a conference room capable of accommodating between 500 and 1,000 people, banqueting space, meeting rooms, and an underground car park. It will also provide opportunities for firms to lease space and operate their businesses.

“The plot opposite Serena Hotel is a bigger project on 1.12 acres, and it will require proper feasibility studies which will be completed in December 2024 and then presented to the board for approval, and that development could take 34 months,” Sharma added.

TPS Eastern Africa expands amid recovery

TPS Eastern Africa, a Kenyan hospitality company, operates hotels and lodges across Eastern Africa and Southern Asia, targeting both business and tourist sectors. The company manages more than 32 resorts and safari lodges.

Aga Khan IV, known for founding East Africa’s largest independent media organization, Nation Media Group, holds a majority stake in TPS Eastern Africa. Through the Aga Khan Fund for Economic Development, he owns 64.58 percent (182,525,097 shares). The Aga Khan University Foundation also holds an additional 2.42 percent (6,851,000 shares).

The hospitality company’s renewed investment efforts come as it recovers from the pandemic-induced slump. In 2023, TPS Eastern Africa reported a revenue surge to Ksh9.68 billion ($75.8 million) from Ksh6.94 billion ($54.3 million) the previous year, reflecting a rebound in both leisure and corporate market segments.