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Transcorp Hotels divests 100% interest in subsidiary Calabar

Vaseline 2 months ago

Kayode Tokede

Transcorp Hotels Plc has announced the sale of its 100 percent stake in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.

Company Secretary of Transcorp Hotels, Mr. Stanley Chikwendu, in a statement on the Nigerian Exchange Limited (NGX), said Eco Travels and Tours has a diversified portfolio including hotel management, wellness and fitness facilities, family-oriented spaces and interior and exterior design and decoration.

Chikwendu, in a signed statement, said Transcorp Hotels’ strategic focus is on Abuja and its significant ongoing investments in the iconic Transcorp Hilton Hotel and development opportunities in Lagos.

According to the company, in its published audited financial statements for 2023, the company has recorded a revenue growth of 36 percent and, with the continued execution of its business strategies and the optimization of new business opportunities, it will continue to deliver even greater value to all its stakeholders.

The Managing Director/CEO of Transcorp Hotels, Dupe Olusola, had stated: “This consistent financial upturn reinforces our commitment to excellence and resilience in the face of economic challenges. We have remained agile and quickly adapted to the dynamic preferences of our guests.”

According to Olusola, the company continued to record strong performance in the International Business Travel segment as it benefited from renewed investor confidence in the Nigerian economy as a new administration resumed office.