KCB Seizes Luxurious English Point Marina Hotel over Sh5.2 Billion Debt

The Kenya Commercial Bank (KCB) has taken over the luxurious English Point Marina Hotel in Mombasa over an unpaid loan amounting to over Sh5 billion.

Business Daily reported that the bank placed Pearl Beach Hotels, the mother company that owns English Point Marina, under statutory management over a Sh5.2 billion debt.

A source at the Business Registration Services (BRS) confirmed to the publication that the lender seized the English Point Marina on Tuesday.

“I can confirm that KCB bank has taken over English Point today,” the source was quoted as saying.

The source said KCB tried several times to restructure the loan prior to taking over the property but Pearl Beach Hotels still failed to service the loan. The lender has appointed a receiver-manager to run the property.

The receiver-manager has been tasked with raising funds through selling part or all of the property to settle the amounts owed to Kenya Commercial Bank.

The five-star hotel facility is owned by Amin Kanji, his wife Leila, brother Alnoor, sister-in-law Nafisa and Nazir Jinnah. The luxury property is located by the harbor and consists of 96 apartments, eight penthouses, and a 26-room hotel.