KAMPALA: It is now official. Pearl of Africa Hotel owned by Aya Group is up for sale in a bid to recover debts billions of shillings.
An advert published in the local dailies by Armstrong Limited says the five-star facility will be auctioned on October 26.
The hotel is located in the posh Nakasero area on 32,000 square metres. It comprises 23 floors and 296 rooms according to the advert y the court bailiffs. It also has 37 suites, two restaurants, three bars, nine meeting rooms15th floor executive lounges and a business centre.
“We shall proceed to sell the property unless the judgment debtor pays to the entire outstanding decretal sum including interest) and our fees,” the auctioneers posted.
The auction comes in the wake of a case whereby the Industrial Development Corporation of South Africa Ltd secured an order allowing them to put the hotel up for sale to recover more than $118m from Aya Group.
In 2021, Aya Investments applied for a temporary injunction stopping the sale of the hotel.
The company wanted to sell the hotel to recover the money owed to them by Aya.
The 2007 deal between the two parties developed misunderstandings with each end accusing the other of breach of contract.
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