Edo State Government-Owned HIMC Announces Investment Opportunity in Edo Radisson Hotel
Bisi Adedun . 4 months ago
Edo Hotel
Edo Radisson Hotel
Edo State
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Hotels in Benin City
Hotels in Edo State
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Article Summary: The Hospitality Investment and Management Company (HIMC) has announced that it is accepting Expression of Interest submissions from interested investors for an equity stake of up to 60% in Edo Radisson Hotel, currently under construction. Here are the details.
The Hospitality Investment and Management Company (HIMC) has announced that it is accepting Expression of Interest submissions from interested investors for an equity stake of up to 60% in Edo Radisson Hotel. The 169-key development, which is currently under construction, has been fully funded to date by the Edo State Government.
According to the release, which can be read here, the divestment aims to foster private sector participation in the State’s economy. As such, both single entities and consortiums are allowed to submit an Expression of Interest (EOI) in the investment opportunity through an electronic or physical application to Cowry Asset Management Limited.
Details of the development:
Name: Edo Radisson Hotel
Location: GRA, Benin City, Edo State
Status: Under construction
Size: 169 rooms
Project Manager: Jerry Donkor Associates
Operator: Radisson
Commencement Date: July 2023
Completion Date: Q4:2024
According to the Edo State Government, the HIMC is an entity owned by the Edo State Government and set up to hold the 100% ownership interest in the previously planned Edo Hotel. However, following the abandonment of the project, this project was proposed to replace it.
This announcement adds to capital market activity in Nigeria this year, as Transcorp announced their divestment from Transcorp Hotels Calabar Ltd through the sale of a 100% stake to Eco Travels and Tours Limited.
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