KIGALI — South African-based Rwandan tycoon, Mr. Miko Rwayitare has acquired an 89% stake in Kigali’s Hotel des Milles Collines.

Milles Collines is one of Kigali’s up-market hotels, made famous by the Hollywood film, Hotel Rwanda.

Eleven years ago, the hotel was a safe haven for Tutsis hiding from marauding killers known as Interahamwe, responsible for the extermination of over 800,000 people.

Miko, 62, who also owns a string of other properties in Kigali, took ownership of the hotel from Belgian Sabena Hotels through his company, MIKCOR Holdings, at a cost of US$3.2m.

Last week, the tycoon who made his fortune as a telecoms operator, sealed the deal to acquire the hotel with representatives of Sabena in Kigali at the hotel.

Miko told guests he would use his expertise as a hotelier and owner of two five-star hotels in South Africa, to rehabilitate and put Mille Collines on world standards.

“My priority is to build capacity, rehabilitating rooms and refurbishing the entrance and general services,” he said.

Other share holders in the venture include the government with 8.5% and the Rwanda Development Bank (BRD) with 2.5%.

Under the deal, MIKCOR Holdings will inject Rwf 4bn (about $7.07m) into both the hotel and his real estate business. Besides, he intends to acquire a 33% stake in CogeBanque, a local private commercial bank.

Sabena hotels was part of the defunct Belgian airlines company which operated routes in Kigali. The airline has since reincarnated into SN Brussels.