A common everyday occurrence in the life of almost every Kenyan; it’s a bright sunny morning, and you are in a spending mood. You walk into a shopping center and into one of the stalls. You notice an incredible pair of sneakers and ask the price. The owner tells you it’s 2500. You are excited. That’s a good price, and you are definitely taking them, but the Kenyan in you tells you to push a little harder for a better bargain and get the owner to knock off a couple of more hundreds. To your shock, she’s not only adamant but even rude about it. She says 2500 is the lowest she can go, and that you are free to look for a better price elsewhere. You are incredulous and walk out in a huff feeling insulted. Sure enough, you walk the entire complex and can’t find a price such as her’s. What to do? Swallow your pride and go back? Or drop the whole thing altogether? This week city tycoon David Njuguna handled a similar situation so effortlessly, and just to show how shameless millionaires are when it comes to money, he kept advertising each phase of the entire process in the newspapers.
Looking to sell his Lazinos hotel, David Njuguna had been so brash about it and even advertised the sale in the newspapers in an announcement that basically shut out anyone who couldn’t march his asking price and might have wanted to bargain. The price was set at 250 million in a private treaty without recourse to an auction process.
The facility located on Gandhi Avenue off Lang’ata Road, has been popular with Nairobi West revellers.
The prime commercial property has four floors with two wings and 43 self-contained guestrooms. It also has conference halls, shops, laundry and salon units. Nevertheless, desperation has now led Njuguna to make an embarrassing turnaround.
Hotel Lazinos is registered under Turitu Service Station and sits on 0.1791 acres of land.
The sale of the property came as the number of properties going under the hammer crippled by mounting debt has risen sharply in recent months, but they found it difficult to get buyers amid a glut on the back of a slowdown in the economy, especially in the real estate business.
Mortgage lender Housing Finance Group (HF) has now gotten involved, and they have sweetened the offer.
The sellers on Wednesday cut the reserve price of the property by Sh10 million in a bid to attract buyers, signalling the hotel had either attracted lower offers from potential buyers or failed to draw interest.
“The selling price is (now) Sh240 million,” in an advertisement placed on local dailies announced.
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