Transcorp Hotels Promises Heavy Returns on IPO

Managing director and chief executive officer, CEO, Transcorp Hotels Plc., Valentine Ozigbo has assured investors who subscribe to the on going Initial Public Offer, IPO,  of the company of bountiful return on their investments.

The company is seeking to raise N8 billion and is offering 800 million ordinary shares of 50 kobo each at N10 per share valued at N8 billion for subscription. “We are making this offer to start Transcorp Hilton Lagos and Port Harcourt. We have been excited with the comments from the market,” Ozigbo said at an interactive session in Lagos, promising that Transcorp is going to be very dynamic and that it is going to grow very fast.

“In about three years’ time,  our projection is that our profit level will exceed our turnover level.” Transcorp, which operates the flagship Transcorp Hilton Hotel,  Abuja is, according to Ozigbo,  setting a new standard in hospitality business in Nigeria. This will manifest by way of introduction of new products.  The Lagos hotel, which will be located in Ikoyi will be approximately 300 rooms with gyms, conferencing facilities, food and beverage outlets to anything you need to have in a five star hotel. Same goes for Port Harcourt. From the takeoff time,  the new hotels are expected to be completed in about18 months’ time and their facilities will be managed by the best service providers in the world.

Although the company is yet to unfold it’s entire development plan to dominate the hospitality industry in Nigeria,  there are indications that the Lagos and Port Harcourt hotels are targeted at international visitors and Nigerians who desire to have the best within the country.

As the new standards take off in Lagos and Port Harcourt,  patrons of Abuja Transcorp, which is also undergoing massive transformation,  are also in for a good time.  “We are going to introduce a special Japanese cuisine. We are going to have the best spa in Nigeria when the hotel is completed. We are trying to promote a night destination.”

While stressing the fact that Transcorp Abuja has been a great success, Ozigbo recalled with a deep sense of pride that when it started 26 years ago,  it was not the best in Abuja but today it is by far the best. That is why he says, the hotel is being upgrading to the highest level.

“There is need for Abuja to become a true conferencing destination. We don’t want the likes of World Economic Forum, WEF, to be a once in a life time event,” Ozigbo explained as he recalled the success story of the hosting of the WEF in Nigeria at Transcorp, early this year. As part of its expansion programme,  a 5, 000 capacity multi purpose convention centre, where events like trade fairs, road shows, auto shows can hold are being developed in Abuja in addition to 200  new apartments within the 20 hectares of land on which the hotel is seated.

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