Cytonn Launches Serviced Apartments Brand

Staff Writer | Nov 30, 2019

Cytonn Hospitality, part of the private equity arm of Cytonn Investments, today launched CySuites Hotel and Residence, its flagship project in an elegant luncheon graced by Kenya National Chamber of Commerce and Industry (KNCCI) President, Mr. Richard Ngatia. CySuites is a serviced apartment complex along Church Road, Westlands with conferencing facilities, a bar and restaurant, gym, swimming pool and furnished 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” said Edwin Dande, Cytonn CEO during the launch.

According to the 2019 Serviced Apartments Report, Westlands and Kilimani have the largest number of serviced apartments in the Nairobi Metropolitan area, due in part to their proximity to the Nairobi CBD and other major business nodes, good security and a high concentration of international organizations in the region.

KNCCI president, Richard Ngatia expressed his pleasure the great job Cytonn was doing and recognized the company’s contribution to the country. Richard also pledged his support to the firm.”CySuites is a great development that offers spacious and luxurious living areas and it will be a great place for tourists to come and enjoy their stay while in the county. More importantly, it creates employment opportunities for our youth, both directly and indirectly,” he said.

CySuites targets business travelers but is also ideal for long- and short-term leisure travelers.

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