Eagle Hospitality, Starwood Hotels Sign N10b Management Pact

Ebonyi State Governor David Umahi signing a bill into law at the Government House in Abakaliki… recently

Fadekemi Ajakaiye

Eagle Hospitality and Leisure Limited has entered into a management agreement with Starwood Hotels and Resorts Worldwide for the establishment of Four Points By Sheraton Hotel in Benin City, Edo State estimated to cost $29million (about N10 billion).

The historic signing ceremony, which took place on Tuesday at the Sheraton Hotel & Towers Ikeja, Lagos was witnessed by stakeholders including Mr. Chris Oshiafi, Group Managing Director, PanAfrican Capital Plc, Mr. Eric Okoruwa, Executive Director, PanAfrican Capital Plc, Mr. Dominic Isunuoya, Director Eagle Hospitality & Leisure Limited, Mr. Victor Enoghama, Director, Eagle Hospitality & Leisure Limited and Mr. Ludwig Bouldoukian, Director, Acquisition & Development, EAME Division, Starwood Hotels and Resorts Worldwide.

Eagle Hospitality and Leisure Ltd was established by Keynes Private Equity Ltd under its KPE Hospitality fund II for the execution of the Four Points By Sheraton Hotel, Benin project for which PanAfrican Capital Plc serves as financial advisers. Keynes Private Equity Limited with other investors own Eagle Hospitality and Leisure Ltd.

Isunuoya explained that Eagle Hospitality and Leisure Limited is building a 4 star hotel in Benin City which will be operated by Starwood Hotels and Resorts Worldwide Incorporated, using the Four Points by Sheraton Brand. This is one of their top brands and it is a fast growing brand which is meant to cater for the needs of all cadres of the society. Starwood Hotels and Resorts Worldwide incorporated is one of the leading hotel and leisure companies in the world and it owns, operates and franchises such renowned brands as Le Meridien, Sheraton, St Regis, The Luxury Collection, Tribute Portfolio, Aloft etc.

Isunuoya further described the management agreement as historic, saying “we are quite pleased that we have reached the milestone. It is an indication of so many other things that need to be done. This is just the first step. We are going to bring the consultant to site to commence work on the project. We have already done one, this is the second one we are doing but this is the first we are doing with a big international brand like Sheraton (Four Points). I think for us, it is an indication of the faith we have in the economy, because at this stage, we are talking about employment opportunity this project will generate.”

According to him, the Four Points by Sheraton, Benin is scheduled to open towards the end of 2017 and will gulp about $29 million. “We have all the features there, we have the Presidential suites, standard rooms, deluxe rooms, and we have enough facility to take the business people, we are bringing a banquet hall, a number of meeting rooms, retail facilities such as sports bar, and a café; all these to cater for both the business people, the young people, the family and all cadres of the society,” he added.