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01st October, 2013.
Transcorp Hilton Abuja

Investors Upbeat With 100m Dollars Hotel In Lagos

Drawing on its success in the country's capital city, Abuja, and poised to further strengthen its partnership with the Hilton Worldwide, Transnational Corporation of Nigeria Plc (Transcorp), recently announced a new premier hotel development, worth about 100 million dollars, in the upmarket suburb of Ikoyi in Lagos.

Disclosing this on the sidelines of an official signing of management contract with joint owners, Heirs Holdings, a pan-African proprietary investment company chaired by African business leader, Tony Elumelu, at Heirs holdings' Office in Lagos, Managing Director, Transnational Hotels and Tourism Services, Valentine Ozigbo, said the full service, 350-room hotel would be sited on Glover Road, Ikoyi.

He said the structure would be the Hilton Group's second hotel in Nigeria, following the award-winning Transcorp Hilton Hotel Abuja, which is one of the leaders in Hilton's global network.

Speaking at the official signing, Elumelu said: "This agreement marks another milestone in our long-standing partnership with Hilton Worldwide.

"The Ikoyi development, along with the extensive refurbishment and upgrade of our existing hotels in Calabar and Abuja, demonstrates Heirs Holdings' commitment to driving growth in real estate and hospitality, a strategic sector for Nigeria's economic development.

"The new Transcorp Hilton Lagos will not only present an additional world-class venue for the increasing numbers of investors, businessmen and tourists to Nigeria, but is creating much-needed jobs for our citizens, enabling their social and economic development."

Asked how the development keys into his philosophy of Africapitalism, Elumelu, enthused: "What we are doing is a long term investment by the private sector that ultimately helps to create wealth, economic prosperity for the investors and also to create wealth for others".

Elumelu said, "When the Hotel starts, a lot of Nigerians are going to be employed and it is going to position Nigeria further as an investment destination, which is good for the country."

According to him, "It also helps to demonstrate that if you have a Nigerian group that is partnering with other international brand like Hilton and they are growing an international brand, then for others, who will like to invest in Africa, we have, in Africa and in Nigeria, willing investors."

Ozigbo, who estimated the cost of the hotel to about 100 million dollars, asserted that the Transcorp Hilton Lagos would finally grant the many Hilton Honors customers who visit the city their desire to see a world-class establishment under their preferred brand in the Lagos.

Full construction works for the new hotel will commence early next year. The hotel will boast of full conference facilities, meeting rooms, gym and spa, and a swimming pool in an iconic design that will add verve to the Lagos landscape.

Chief executive of the Hilton Global said: "We are excited because Lagos is changing and I think there is a huge business opportunity going forward and we want a part of the worldwide brand within Lagos.

"I think globally now, from 50th position, Nigeria climbed up to 37th position in terms of importance in the market. That is a testimony of how important Nigeria, as a whole, is to the global market."


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