TPS Eastern Africa secures US$20 million loan

Hotelier TPS Eastern Africa signs a US$20 million loan agreement with French development institution Proparco to support the refurbishment and redevelopment of its properties in Kenya, Reuters reported.

The company, which operates a chain of luxury hotels, lodges and tented camps across east Africa under the brand name of Serena, said the funding would support growth of its business in Kenya over two years starting in 2016.

?The Nairobi Serena Hotel will undergo redevelopment and refurbishment commencing in year 2016 on a phased basis,? the company said in a statement.

The project will include new conference and banqueting facilities, refurbished bedrooms as?Kenya?s tourism industry is recovering from a slowdown triggered by attacks blamed on al Shabaab militants from neighbouring Somalia that led to warnings against non-essential travel to the coast by Western governments.

Britain, the source of more than half the country?s tourists, lifted a travel advisory covering most of the coast in June, boosting chances of a recovery. Bookings to coastal resorts have improved over the past few months.