MAREF concludes deal with local investor to launch luxurious apart-hotel
The Momentum Africa Real Estate Fund (MAREF) concludes deal with local investor to launch luxurious apart-hotel to be operated by The Ascott Limited.
As a leading international lodging owner-operator, The Ascott Limited in partnership with a local Kenyan investment firm, concluded commercial terms with MAREF for the development of a luxurious apart-hotel in Nairobi, Kenya. Eris Properties East Arica, a subsidiary of Eris Property Group (Pty) Ltd, which has 30+ years' experience in development, has been appointed as development managers on the project. With an investment value of approximately $30 Million, the project is set to be the first sustainable serviced suites in the "Blue Diplomatic Zone" in Gigiri, Nairobi.
Somerset Serviced Suites will offer an array of amenities ranging from conference facilities, restaurants, a tearoom, rooftop pool, kids' room, laundry facilities and ancillary facilities ― based on the same high standard that business and leisure guests have become accustomed to when staying at one of the Somerset Serviced Suites locations across the globe.
"The decision to create this development was an easy one, due to a lack of suitable apart-hotels for business travel and medium to long stay accommodation," says Niël Freislich, Head of Property Development at Eris Properties East Africa. With limited offerings of this nature - and not of the same quality - in Nairobi, Somerset Serviced Suites is set to be a catalyst property development that is intelligent, scalable, resilient, and replicable under the management of Ascott Limited.
Thanks to its numerous facilities, the 162 luxury serviced suites are set to further accommodate the diverse needs of visitors to apart-hotel, Somerset Serviced Suites, upon completion in March 2024. The Somerset Serviced Suites will go beyond enhancing the quality of life of its residents, taking an integrated and inclusive approach to urban life.
It is a project that represents all of Kenya's characteristics in its own style. The interior design will meet the requirements of the Somerset brand but will also be influenced by local art and themes. "Somerset Serviced Suites will not only be a benchmark for sustainable development, but it is also a working model for future developments in Gigiri, as the area consists of a thriving community made up of residents, Diplomats, visitors, entrepreneurs and missions in Kenya," says Marc Smith, Development Manager at Eris Property Group. "The project is expected to be one of the city's most sustainable apartments, as it adopts the latest solutions in energy production, in line with the developers' vision and strategy and will obtain LEED Silver certification once completed," he adds.
Further commenting on the partnership, Niel said, "Our partnership with MAREF, the local investor and Ascott Limited to launch Somerset Serviced Suites is a unique milestone for Eris in our journey, as we continue to develop, invest and maximise our footprint in Africa." He adds: "Kenya is one of the approved investment jurisdictions for the MAREF. The development opportunity met all MAREF's investment criteria, including having a financially strong and respected local partner."
Eris has completed three projects for MAREF: Mon Tresor Business Gateway, Phase 1A in Mauritius and 335 Place & SU Tower in Accra, Ghana. All three developments were delivered on time and on or under budget in 2018.
"Eris has vast African experience to deliver commercial projects within time and budget. We understand all the steps required from project inception through to completion," adds Marc. As with all its projects across South Africa and Sub-Saharan Africa, Eris provides a range of different services and customised solutions to meet the needs of tenants and owners through every phase of the property development process. From site inspection to planning and design, financing to construction management and leasing, Eris has a team of experts to do it all. Concludes Barend De Loor, MD of Eris Property Group: "We are extremely proud of this project for various reasons, namely that it continues to expand the Eris footprint into Africa; how the business is setup to provide a full scope delivery on the project; but most importantly, the benefits it brings to the people and guests of Nairobi."
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