It is not yet clear what caused the fire but sources at the scene reveal that part of the structure suddenly blew up in flames, prompting several employees to scamper for their dear lives.
Police firefighters were quickly dispatched to the scene according to eyewitnesses but by the time they reached the scene lots of irreparable damage had been done to the hotel by the fire.
Both the police and management of Speke Hotel are yet to issue public statements about the disastrous inferno.
Owned by businessman Sudhir Ruparelia, a Ugandan of Asian origin, Speke Resort Munyonyo is one of the few five star hotels in Uganda.
Popular known as Commonwealth Resort Munyonyo, the resort is remembered for hosting the Commonwealth Heads of Government Meeting (CHOGM) in 2007, which was headed by the now late Queen Elizabeth II of England.
Details about this developing story are coming up in our subsequent reports