We Sold Transcorp Hotels Calabar To Focus On Abuja, Lagos Expansion - MD Olusola
Dupe Olusola

We Sold Transcorp Hotels Calabar To Focus On Abuja, Lagos Expansion – MD Olusola

1 month ago
1 min read

Mrs. Dupe Olusola, Managing Director/CEO of Transcorp Hotels Plc, has clarified that the decision of the company to divest its 100 per cent interest in Transcorp Hotels Calabar Limited was a very strategic one to enable it to focus on expansion in other frontiers including Lagos, Abuja Port Harcourt and other places.

Olusola made the clarification during a presentation of the company’s fiscal year 2023 Investors Call held virtually on Friday.

Prime Business Africa reports that the company had in a statement on April 17 signed by the company’s secretary, Stanley Chikwendu, announced that Eco Travels and Tours Limited, an indigenous hospitality company, has acquired its 100 percent stake in Transcorp Hotels Calabar Limited.

It said Eco Travels and Tours has a diverse portfolio including hotel management, wellness and fitness facilities, family-centric spaces, as well as interior and exterior design and decoration.

Responding to inquiries from newsmen on why the company sold its Calabar subsidiary, Olusola said: “The decision to sell Transcorp Hotel Calabar was to enable us focus on expansion in Lagos and Abuja. Our major revenues are coming from Lagos and Abuja.”

She added “By exiting Calabar, we are not reducing our footprint in the hospitality industry but growing.”

READ ALSO: Transcorp Hotels Records 62% Profit Growth In Impressive Q3 Financials

Her response echoes what was contained in the statement by the company’s secretary which said: “Transcorp Hotels’ strategic focus is on Abuja and the significant continuing investment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos.”

Olusola further stated the company is also pushing to deliver its 5-star hotel project in Ikoyi, Lagos, by 2027. Another project in the company’s kitty, according to her, is the conversion of an existing warehouse in Transcorp Hilton Abuja to a 3,000 – 5,000 capacity event/lifestyle center to be ready before the end of 2024.

She also disclosed that the company is looking towards expanding to Port Harcourt in line with its quest to deliver more in the hospitality space both in the country and the African continent generally.

In its published 2023 audited financial statements, Transcorp Hotel recorded 36 percent revenue growth.

With the ongoing execution of its business strategies and optimisation of new business opportunities, Transcorp Hotels said it will continue to create more value for all its stakeholders.

Trasncorp Hotels is a subsidiary of Transnational Corporation Plc (Transcorp Group), one of Nigeria’s largest conglomerates

 

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