Africa: Transcorp Hotel Set to Unveil 5,000 Capacity Event Centre in Abuja and Expand Luxury Offering With 315-Room Hotel in Ikoyi, Lagos

Transcorp Hotel Plc is on the verge of introducing Abuja’s largest banquet center, set to accommodate over 5,000 individuals. With its expansive seating capacity, the hotel’s management anticipates that the new center will emerge as the premier venue for hosting grand events in the city.

According to leadership.ng, “This state-of-the-art facility is strategically designed to captivate and host an array of occasions, ranging from conferences and concerts to trade fairs, fashion shows, and more,” managing director/CEO of Transcorp Plc, Dupe Olusola told the company’s shareholders yesterday at its 2023 annual general meeting in Abuja.

“Its establishment aims to address the prevailing challenge faced by Abuja — the limited availability of large-capacity halls, often compelling organisers to migrate events to other cities like Lagos.” The N10 billion facility is expected to reach completion by August 2024.

READ: Africa: Transcorp Hotels Plc Targets Revenue Growth Beyond N41.5 Billion Amid Expansion Plans for Lagos and Port Harcourt Markets

Also, the chairman, board of directors of the company, Emmanuel Nnorom disclosed that the company has begun the construction of a 315-room Transcorp Hotels in Ikoyi, Lagos, adding that the project would redefine luxury in the hospitality sector.

READ: Africa: Eco Travels and Tours Expands Hospitality Presence with 100% Acquisition of Transcorp Hotels Calabar as Transcorp Records 36% Revenue Growth, Shifts Focus to Abuja and Lagos

Olusola said the establishment will boast an impressive inventory of 315 meticulously designed rooms and cutting-edge conferencing facilities, setting a new standard for sophistication and convenience. “This expansion initiative reflects our forward-thinking approach and proactive stance in meeting the evolving needs of the market,” she stated.

Olusola said Nigeria is currently losing business and huge revenue to neighbouring countries such as Ghana, Egypt, and Morocco due to the absence of a large conference hall. “We want all businesses, all events, similar to the side to actually come to Abuja and so it ensures that we are able to employ more people and even deliver so much more in terms of value to all our critical stakeholders,” he stated.

Meanwhile, shareholders of the company have approved the disbursement of N2 billion or 20 kobo per ordinary share as final dividend for the year-end 2023.