Capital Hotels’ Shareholders Elated at 42% Growth in 2023 

Ejiofor Alike

Shareholders of  Capital Hotels Plc, owners of Abuja Continental Hotel Hotel, formerly Sheraton Hotel, have commended  the board and management  for the 42 per cent growth recorded in 2023 and  the fast pace of development since its new owners acquired it.

At its  43rd Annual General Meeting  (AGM) held at the company’s flagship property in Abuja, the shareholders said despite the harsh economic environment in the country, especially in 2023, the management has continued to grow and make profit for its investors.   

The President of Abuja Shareholders Association, Chief Innocent Peter Nwokocha, who spoke at the AGM commended the Managing Director of the Hotel, Mr. Ravi Bachu, for growing the assets and adding value to what they took over at inception.

Nwokocha said his assessment of the hotel’s progress so far has given him sufficient reason to be hopeful that in the years to come, the growth would manifest in significant returns on investment for shareholders. 

While thanking the Chairman of the Board of Directors of the hotel, Ramesh Kansagra, for his humility, Nwokocha said the level of profit declared at the end of the 2023 financial year could be excused as a result of the massive renovation of the hotel to raise its status to enviable standard.

Expressing hope that next year would definitely be better, Nwokocha urged the management to consider and appreciate shareholders’ welfare as the hotel returns to its good old days courtesy of the new investors

In his speech, one of the founding shareholders, Philip Okala, who also commended the management and staff for the ongoing massive uplift at the hotel and facilities, urged the present managers to make the hospitality firm regain its enviable glory in the sector.

Okala who was a founding director of the company representing Federal Capital Development Authority (FCDA) when they were majority shareholder and now a shareholder, was upbeat of better performance in the 2024 financial year, and called for patience and perseverance on the part of investors