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.

Estate Intel loves your feedback! Let the Insights team know what you think about The Investment Opportunity in Edo Radisson Hotel by emailing [email protected].

Subscribe to the ei Newsletter for exclusive access into real estate insights, news, and market activity.