A business that is seasonal is very volatile in its performance.This group must try a way to bridge the gap between on season and off season.They are very exposed kutegemea tu wazungu na waafrika wenye pesa mingi.Thats not sustainable in the next 100 years.

Hmmm, did you want them to expand like KQ did using lots and lots of debt?

I am trying to understand your logic. Yes, they can lease [like a certain airline] hotels but there's a lot that goes into it especially operational matters. Systems, staff, working capital, etc

Cashflow - This is key. Firms that expand too soon, too fast eg Nakumatt end up in trouble when they hit operational roadblocks and cashflow constraints.

That said, I think they should have at least another [sensible] high-end location perhaps in Westlands or Runda/Gigiri.

Getting a building (on lease) is the easy part. Operations (& cash) is where the rubber meets the road.

The "brands" we see are operators not owners eg the Simba Colt guys own Villa Rosa Kempinski, etc.

Serena/TPSEA needs to run/own/lease properties that earn the best ROI rather than where they are located. With the erratic nature of tourism, can TPSEA afford to take on much more debt to expand?

Are returns ex-Kenya better?
Are return ex-Nairobi better?
Does it make sense for TPS to wait to see if one of new units (chains) fail? The resulting outcome could be a cheaper entry point. Look at malls and offices.

As Nakumatt closes its stores or is evicted, Tuskys and Naivas can move in rather than competing with Nakumatt for space.