It's a pity about the tourism sector... but a well-managed firm that will do well if the tourism sector picks up.
I like the expansion/refurbishment of Nairobi Serena which was long overdue.
Serena [without diluting the brand] needs to look at "Tier 2 or 3-star" hotels that cater to a group that doesn't want all the pools, fancy restaurants, etc but a quality hotel with decent service. Look at the hotels coming up in Westlands and Upper Hill that cater to business-folk.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett