Last year we broke the news that city property mongul Boney Katatumba had entered a deal with Protea Hotel, a South African hotel management chain, to manage his then Hotel Diplomate in Muyenga.
We have now learnt that Katatumba, also the envoy of the Islamic Republic of Pakistan to Uganda, has sold off his six-storey Katatumba Suites located smack in the middle of town (Plot 2 Colville Street) to Shumuk Group of Companies at $6m.
The money will reportedly finance the renovation of Protea Hotel Diplomate.
Katatumba Suites, comprising 101 condominium suites each valued at between $60,000 and $70,000 and the first ever condominium city property in Kampala, was recently renovated with a grant from East Africa Development Bank.
The hotel aside, Katatumba who has owned the building for the last over 15 years, will now concentrate on African Express Airlines, a joint venture with Kenyan busineman Capt. Musa Bulhan, which plies the Nairobiâ€“Dubai route; Banda Island Resort and Katatumba Resort Hotel in Mbarara among other business interests.