Transcorp Hilton Lagos underway with $110m investment

Whatsapp News

TransNational Corporation (TRANSCORP), owner of Nigeria’s iconic , Transcorp Hilton Abuja is set to invest $110 million in construction of a branch of in , commercial capital of Nigeria.
The company’s CEO, Obinna Ufudo disclosed to Reuters that the , which will be sited in Ikoyi, will be completed in 36 months.
“We have concluded all designs … what we are waiting for is the approval from the state building authority to commence construction,” he added.
Like Transcorp Hilton Abuja, the branch of the will also be managed by Hilton. It will house 100 rooms relatively small compared to the 667 guest rooms and suites of the Abuja branch. Transcorp also launched a branch of its –Transcorp Metropolitan – in Calabar, the capital of State and tourism hub of Nigeria.
Nigeria is enjoying a boom in its hospitality sector thanks to the of tourists, travellers, and a growing middle class. Industry executives say, Reuters , “that as consumer spending stalls in developed markets, more multinationals are betting Africa’s growth will eventually translate into meaningful if they can negotiate the considerable regulatory and challenges of doing there”.
Transcorp, a conglomerate with interests in Power, Energy, Hospitality and Agriculture, this same confidence in Africa; aside the $110 million hotel investment, its CEO also revealed that the company would invest $90 million to upgrade the generation capacity of its power plant to 715 megawatts from 463 megawatts.
Among the hotels and Ughelli Power Plant, Transcorp also owns Teragro Commodities Limited, operator of Teragro Benfruit Plant – Nigeria’s first-of-its-kind juice concentrate plant; and Transcorp Energy Limited, operator of OPL 281.
Incorporated in 2004 and quoted on the Stock Exchange, Transcorp has a shareholder base of about 300,000 investors, the largest of which is Heirs Holdings Limited, a pan-African proprietary investment company. in the company gained 33 percent this year, after rising 314 percent in 2013. (VENTURES AFRICA)