11 Plc plans 51% Acquisition of Sheraton Abuja Hotel

Rentfi . 2 years ago

11 Plc plans 51% Acquisition of Sheraton Abuja Hotel

Share this post

Subscribe to our newsletter

11 Plc is fast becoming a force to be reckoned with in the Nigerian Hospitality sector. They are building the second-largest hotel portfolio in Nigeria, only trailing Eko Hotels Group by 20 keys. At the emergency board meeting called on June 15th, 2021 by the Board of Directors of Capital Hotels Plc, the owners of…


11 Plc is fast becoming a force to be reckoned with in the Nigerian Hospitality sector. They are building the second-largest hotel portfolio in Nigeria, only trailing Eko Hotels Group by 20 keys.

At the emergency board meeting called on June 15th, 2021 by the Board of Directors of Capital Hotels Plc, the owners of Sheraton Abuja Hotel, they sat to consider 11 Plc’s bid for a 51% stake of Capital Hotels Plc. A 51% purchase agreement would mean a majority share ownership of Sheraton Abuja Hotel by 11 Plc.

The board, at the end of the meeting, made the following resolutions:

  • Sell 51% of its stake in Capital Hotels to 11Plc at N7.00 per share and partner with 11Plc to offer the right competition in the Abuja hospitality market, subject to Hans Gremlin Nig. Ltd (the core shareholder) being allowed to exit 50% of its stake in Capital Hotels Plc at the same price amongst other terms and conditions deemed fit by the Directors in tandem with the regulatory authorities. 
  • Balance the interests of the Capital Hotels Plc, Hans Gremlin Nig. Ltd and 11Plc based on an offer for sale and an offer for subscription subject to obtaining approval from the relevant authorities. 
  • If 11 Plc accepts the conditions stated, an extraordinary General Meeting would be called to get the approval of the shareholders for the transaction. 

It is worthy to note that if this purchase goes through as planned, 11 Plc (formerly Mobil Oil) will be adding 420keys to their existing 385 keys from the Lagos Continental Hotel (former Intercontinental Hotel), which they acquired in December 2019.