A luxurious resort in Naivasha is up for sale over a Sh900 million bank debt, insiders revealed, dealing a blow to the owners who had sought to ride on the ongoing tourism revival.
Osotua Luxury Resort, which opened its doors a little over four years ago, will be auctioned Wednesday over the debt owed to an undisclosed lender.
Integra Auctioneering (K) Company placed an advertisement in a newspaper, calling for prospective buyers.
The property comprises 12 three-bedroom villas, seven two-bedroom villas, and 30 studios (hotel apartments), overlooking Lake Naivasha.
“A refundable deposit of Sh5 million must be paid to obtain a bidding number. Please note that no bidding whatsoever without a bidding number,” the notice stated.
The luxurious resort is situated on Moi South Lake Road, about 18 kilometres off Naivasha-Maai Mahiu- Nairobi Road and 23 km from Naivasha Town.
The property sits on about 10 acres and 4.6 acres is undeveloped.
The development of the resort was funded by Housing Finance. During its development in 2021, the three-bedroom villas were going for Sh42.5 million each, while the two-bedroom villas had a Sh37.5 million price tag. The studio villas were priced at Sh17 million.
“A deposit of 25 percent must be paid by cash or bankers cheque at the fall of the hammer and the balance be paid to the chargee’s advocates within a period of 90 days from the date of sale,” the notice added.
The hotel was one of the key places to visit due to its proximity to Lake Naivasha, Hell’s Gate National Park, and other attractions, which make the lake-side town a popular tourist destination.
Naivasha has rich beauty, diverse wildlife, and a serene atmosphere and local tourists flock to the town on weekends to escape the hustle and bustle of everyday life to relax.
The resort has a number of conference halls, with conference tourism taking root in the country.
“Conditions of sale are available on request at our offices and viewing of the property is possible during normal working hours prior to arrangements with ourselves,” the auctioneer said.
