The Grand Regency Hotel in Nairobi has been renamed the Laico Regency following its controversial sale to Libyan Arab African Investment Company (Laico) earlier this year. It is managed by Laico Hotels and Resorts Management Company, a joint venture subsidiary between Laico and Tunisian Travel Service (TTS).
Former finance minister Amos Kimunya had to resign after it emerged that the popular five-star hotel had been sold for Ksh1.8 billion and not for Ksh2.9 billion as originally claimed, and without being advertised in the local or international media or put to tender.
The Regency once belonged to controversial businessman Kamlesh Pattni, who allegedly received billions of shillings from the Central Bank of Kenya (CBK) for exporting fictitious consignments of gold and diamonds in what has since become known as the Goldenberg scandal. Pattni surrendered the hotel to the CBK in April in exchange for amnesty against corruption charges.