Sun International edges closer to sale of Federal Palace Hotel in Lagos
Dolapo Omidire . 5 years ago
hospitality
hotel
nigeria
south africa
sun international
tcn

Share this post
Subscribe to our newsletter
Article Summary: Three years after they announced plans to sell their stake in Federal Palace, Sun International has confirmed that they will be appointing advisors to commence a formal disposal process shortly. This recent development follows a series of unsolicited offers from third parties who have expressed interest in the asset. Sun International's interest in Federal Palace…
Three years after they announced plans to sell their stake in Federal Palace, Sun International has confirmed that they will be appointing advisors to commence a formal disposal process shortly. This recent development follows a series of unsolicited offers from third parties who have expressed interest in the asset.
Sun International’s interest in Federal Palace comes through a 49% stake in the Tourist Company of Nigeria, which wholly owns the hotel and casino. It was acquired from Ikeja Hotel PLC in 2009 and 2010 but has suffered from a poor performance in recent years.
According to Sun International’s most recent financials, a Deloitte led forensic audit initiated by the Securities and Exchange Commission (SEC) on Sun International’s acquisition of TCN shares that commenced in 2018 is now complete. Sun International is now awaiting a resolution from the SEC.
For the period ending June 2019, the Tourist Company of Nigeria made a loss of ₦931m, 41% higher than the ₦662m loss in the same period last year.
Related News
You will find these interesting

Dapo Runsewe . February 2025
The African Medical Centre of Excellence (AMCE), Abuja – Federal Capital Territory
abuja
africa

Bisi Adedun . October 2023
Oasis Life, a new retirement development is set to launch in Cape Town’s Century City
Century city
New City

Bisi Adedun . July 2023
Glover Road, Ikoyi is Benefitting from Commercial Demand Spillover with New Developments
Commercial real estate in Nigeria
Glover road