Real estate and asset management firm, Cytonn Investments Management Plc, has ventured into the hospitality industry with the opening of CySuites Apartment Hotel, located along Church Road, off Waiyaki Way at the Westlands suburbs.
The property offers contemporary living and working spaces, comprising 32 two-bedroom apartments, 6 one-bedroom apartments and 2 penthouses fitted with amenities to meet the needs of short and extended stays to both business and leisure travelers.
It’s served with an all-day dining restaurant, serving a variety of both Kenyan and continental dishes. The bar area features a fine selection of wines alongside a wide range of spirits and Signature Cocktails. The hotel also has fitness facilities.
Cytonn CEO, Mr Edwin Dande said that there was a gap in the serviced apartments sector as people were not getting the best services.
“This is the first step of what will be a leading brand in serviced apartments hotel,” he said.
“It is clear that the economy is struggling right now but it is also a no question that the Kenyan economy remains promising because we have a strong entrepreneurial culture,” he added.
He also explained why Cytonn decided to venture into the hospitality industry and especially serviced apartments, “Serviced apartments command very strong rental yields of about 12%, compared residential yields which stand at 4.9%. If you add another 8% of capital appreciation, we are targeting a total return of 20% per annum” he said.