A week after making sure his former friend who attempted to kill him a few years ago was found guilty for attempted murder, the K’Osewe Hotel owner is still having another major issue to deal with, saving his major asset worth millions from being auctioned.
This is after the hotel’s owner’s major asset was put up for sale over a loan of Ksh300 million he owes GT Bank.
In a newspaper advert, Garama Investments invited interested parties to come forward and acquire the commercial/residential apartment located in Nairobi’s South C.
The five-story building located along Five Star Road belongs to William Osewe Guda, the owner of the popular hotel KOsewe.
The Nairobi businessman has been battling auctioneers since 2018 of the loan he borrowed from the GT Bank. He said to have secured the loan using an unfinished hotel in Kisumu and the flats which have now been put on auction.
Auctioneers noted that the South C apartment earns Ksh830,000 on monthly rent and the property’s title is on leasehold interest for 99 years since 1986.
“Mains water, electricity, and trunk sewer services are connected into the subject property. An additional water storage tank is available to supplement the mains water,” the advertisement read.
In February, the Court of Appeal stopped the bank from auctioning the property together with his four-star hotel in Kisumu. At the time the court ordered him to deposit Ksh25 million in court in 45 days.
“We have considered the application and conclude that the grounds raised by the applicants are arguable and cannot be said to be frivolous such as to be dismissed as insubstantial. Their properties are in danger of being sold and if this application is not granted they stand to suffer a colossal loss if transferred to third parties due to the value involved, and the appeal would be rendered nugatory,” a ruling by the supreme court said as reported by Busines Daily.
