August 8, 2014

Transcorp plans to invest US$110 million in the Lagos hotel market

Dami Adepoju

Transnational Corporation of Nigeria Plc (Transcorp) is developing a Lagos hotel, to be managed and branded by Hilton, the U.S.-based hotel operator, who also operate Transcorp’s Abuja hotel.  The planned hotel will be located on Glover Road, Ikoyi and will offer 350 rooms, conference and meeting facilities, fitness center and a swimming pool.

Transcorp disclosed to Reuters that the hotel, which will be located in Ikoyi, will cost an estimated US$110 million to develop.  The development is expected to commence upon approval of the design plans this year, and will be completed in 36 months.

The hotel will be owned by Transnational Hotel and Tourism Services Ltd, Transcorp’s hospitality arm, and Heirs Holdings Limited.  Transcorp also owns an independently managed 146-room hotel in Calabar, Cross River State and is in the planning stages of developing another hotel in Port Harcourt, the nation’s oil capital.   Transcorp is a diversified Nigerian corporation with business interests in power, oil and gas, hospitality and agriculture.  The company is quoted on the Nigerian Stock Exchange, with an estimated base of 300,000 shareholders.  Heirs Holdings Limited is its largest shareholder.

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