Transcorp Hotels divests 100% stake in Calabar subsidiary

Kayode Tokede 

Transcorp Hotels Plc, yesterday announced the divestment of its 100per cent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.

Company Secretary, Transcorp Hotels, Mr. Stanley Chikwendu in a statement posted on the Nigerian Exchange Limited (NGX) stated that Eco Travels and Tours has a diversified portfolio including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.

Chikwendu in a signed statement said Transcorp Hotels strategic focus is on Abuja and the significant continuing investment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos.

According to the company, in its published 2023 audited financial statements, the Company recorded 36per cent revenue growth and with the ongoing execution of its business strategies and optimization of new business opportunities, will continue to deliver even greater value to all its stakeholders.

The Managing Director/CEO of Transcorp Hotels, Dupe Olusola had stated that “This consistent financial upswing reinforces our dedication to excellence and resilience in the face of economic challenges. We have remained nimble, adapting quickly to meet the dynamic preferences of our guests”.

According to Olusola, the Company continued to experience strong performance in its International Business Travel segment, as it took advantage of renewed investor confidence in the Nigerian economy as a new government resumed office.