VAAL Real Estate on Monday said it has taken over the responsibilities of the Divine Residences by CityBlue, a partnership with CityBlue Hotels & Valor Hospitality Partners, a full-service hotel and restaurant management, hotel acquisition, and hotel development company.
Divine Residences by CityBlue in Riverside, Nairobi was developed by Vaal Real Estate. It consists of 252 units serviced apartments. It aims at serving short- and long-term guests offering a ‘unique investment opportunity that guarantees the best return on investment they said in a joint statement.
“I believe that we have achieved the best possible deal in favour of the owners of the apartments, leaving little risk for the owners and bringing 40 plus years of experience in international hotel management on board,” Majeed Saad CEO, VAAL Real Estate said.
The Divine Suites on Riverside Drive are the most luxurious residences featuring ultra-modern 1 and 2 bedroom fully furnished & serviced apartments.
“The Interior Design of the project is Classic Contemporary with a touch of Eclectic. It has been developed by Hirsch Bedner Associates (HBA), the world’s leading Hospitality Design Firm. After analyzing the Kenyan and especially the Nairobi Hospitality Market, HBA came up with a design that will attract international and local business travellers alike,” said Laura Salzmann, Marketing Manager at VAAL Real Estate.
CityBlue Hotels is one of Africa’s fastest-growing local hotel chain, owned by The Diar Group.
In 2020, serviced apartments within the Nairobi Metropolitan Area recorded an average rental yield of 4 per cent a 3.6 per cent lower than the 7.6 per cent recorded in 2019.
This was attributed to subdued demand for hospitality facilities and services due to the COVID-19 pandemic.
Westlands -Parklands was the best performing node, recording an average rental yield of 6.1 per cent, 2.1 percentage points higher than the 4 per cent market average according to Cytonn Real Estate.
