Originally Posted by Babs_O
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Transcorp Seals N600bn Deal with Hilton International
• To build 10 new hotels in five years
From Kunle Aderinokun in Abuja, 06.27.2008
Transnational Corporation Plc (Transcorp) yesterday consummated a $5 billion (N600billion) deal with Hilton Hotels Corporation, which it disclosed entails the construction of 10 new hotels across Africa within the next five years.
The hotels, the corporation noted, will include four in Nigeria including Kano and Port-harcourt. Transcorp’s Group Managing Director, Mr. Tom Iseghoghi signed for the conglomerate while President of Hilton Hotels, Middle East and Africa Mr. Jean-Paul Herzog signed on behalf of Hilton.
Commenting shortly after signing the deal Iseghoghi said Transcorp was working with the Federal Government to change the face of tourism in the country.
For instance, he said, Transcorp was working on a plan with the Federal Government to develop tourism facilities in Abuja.
Iseghoghi who said “the signing of today’s agreement is a milestone between these two groups”, said, “We are happy with the good working relationship with the Transcorp Group without whose support nothing is possible.”
Iseghoghi stated: “Part of our plans for the new hotels was to build high end hotels, some will be more high-end more than the present Transcorp Hilton.
“Despite what is happening in the Niger- Delta, we still think that building a hotel in Port Harcourt is not a bad idea. Investment in hotels in Port Harcourt will make a lot of senses. It is also not a bad idea having two Hilton Hotel in Lagos and also in Abuja.
“We are also considering two hotels in the northern part of the country and Kano will be an appropriate location. It is also a nice idea to develop a hotel in Jos. Jos will also be an opportunity to develop a leisure hotel where people can go and relax.
“These are some of the indication of locations where the hotel may be built but as I said, we have to discuss with the Transcorp group.”
“The focus of Transcorp Hotel is to be the number one in Nigeria and in Africa. We want to build a hotel that has the best quality and class in the world.
“You should know that there are places that you can build 5-star hotels, 3-star and one star hotel. So you should know that its not everywhere that you can build a 5 star hotels.
“Therefore, in the neighbourhood, we are thinking of building hotel within the range of $400 million to $500 million for the sort of hotels we are thinking of. Therefore, all put together, we are aiming at the range of $4 billion to $5 billion,” he added.
Herzog said the new agreement has forward-looking clauses which gave the partnership opportunity to further develop Transcorp Hilton.
According to him, “the contract that we signed is one that recognises the dynamic of hotel business. we have had an excellent relationship for the past 20 years which has enabled the hotel to occupy the number one position in all indices for the past 20 years.”
Speaking earlier, General Manager of Transcorp Hilton Hotel, Mr. Andre Herrenschmidt said, “with the value that our owners have come to add to the hotel in the last two and a half years, our pole position as the number one has been further reinforced and the future outlook is very positive.”
Transcorp Hilton Hotel Abuja, which occupies an expanse of 199,500 square metres of prime-value land, commenced operations on April 14, 1987 with 670 rooms and suites spread on ten floors of the three-winged, 12-storey edifice.
It recently completed a comprehensive refurbishment of all 670 bedrooms, including 240 suites, valued at $50 million.
The refurbishment also includes the renovation of all 24 meeting rooms and the Congress Hall, installation of new ‘no-break’ UPS generators, kitchens and restaurant, and installation of interactive TV system with internet connectivity in all rooms, among others.
Hilton Hotels Corporation is a leading global hospitality company, with more than 3,000 hotels and 500,000 rooms in 76 countries and territories, including 135,000 team members worldwide.
It currently operates eight hotels in Africa that includes Nigeria, Morocco, Algeria , Ethiopia , Kenya , Cameroon and South Africa. Additional Hilton properties are under development in Africa in Equatorial Guinea ( Malabo ) and Uganda ( Kampala ).
Comments:
Tom please keep up the good work. Soner or later a greater multitude of investors will join the Transcorp train. Especially when Nitel is sold-off (or perhaps when the mafia milking it like the power sector criminals are tamed.).
NB:
Please this is not an invitation to buy Transcorp. But for information excahnge and log for SMN records.
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