October 21, 2014

The owners of Intercontinental Hotel are divesting

Dolapo Omidire

It has been reported that the Milan Group, owners of InterContinental Hotel in Victoria Island Lagos are keen on selling 25 per cent of their stake in the hotel. Thisday reported that the debt had been hampering the operations of the hotel, which has been operating at a loss since last year. It was explained that the group is willing to sell 25 per cent of its holdings to reduce the debt.

InterContinental Hotel in Victoria Island is a 20 storey hotel including 352 guest rooms, 34 suites, 8 meeting rooms and 4 restaurants.

Skye Bank and a consortium of other financial institutions funded the construction of the $135 million hotel in 2009, where $81m of the funding came from Skye. The bank has been interested in investment in the real estate sector, with one of their more recent investments being the finance provision for the 13 floor Kanti Tower on Adetokunbo Ademola in Victoria Island.

According to the Group, another deal was recently signed with Swissotel Hotels (Fairmont Raffles Hotels International) for another Hotel in Victoria Island, which would combine renowned Swiss hospitality with fresh, contemporary design.

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