The Nation Newspaper

Tag: Capital Hotels

  • Capital Hotels lay out strategic growth plans

    Capital Hotels lay out strategic growth plans

    • Total assets rise to N31.9 billion

    The management of Capital Hotels at the weekend laid out the company’s strategic growth plans with assurance to improve shareholders’ returns over the years.

    Managing Director, Capital Hotels Plc, Ravi Bachu, said the company has made significant strides in enhancing the overall guest experience, including refurbishing rooms, renovating conference rooms, and improving infrastructure.

    According to him, new investments were aimed at providing a luxurious and sophisticated environment for guests while restoring the company to profitability.

    He outlined that the company’s priorities for 2024 include new strategies to strengthen its market position and emerge stronger from economic challenges, leveraging technology to streamline operations, implementing cost-saving measures, and developing staycation packages to cater to local events and conferences.

    He added that the company, the owners of Abuja Continental Hotel, formerly Sheraton Hotel Abuja, would also partner with local businesses to create value packages that showcase the hotel as a community hub.

    “Despite ongoing projects, Capital Hotels Plc is working tirelessly to ensure the hotel remains functional during this transformational period. The company aims to provide personalised services that foster customer loyalty and enhance guest satisfaction.

    Read Also: Ogun APC attacks Daniel over Agro-Cargo Airport claim

    “Capital Hotels Plc remains optimistic about its future growth and development, despite the challenges faced in 2023. The company’s commitment to customer satisfaction, strategic investments, and operational efficiency positions it for success in the coming years,” Bachu said.

    Speaking at the company’s annual general meeting in Abuja, Bachu said that the company made remarkable progress in 2023 compared to the previous year, with revenue increasing by 48 per cent to N7.9 billion.

    He said the company’s profit before taxation also increased considerably from a loss of N0.8 billion in 2022 to a profit of N1.1 billion in 2023, which indicated a positive direction for the company’s business.

    He noted that although the company incurred a net loss of N0.5 billion in 2023 due to accumulated deferred tax expenses, the overall trend is still promising, as the company’s total assets increased to N31.9 billion in 2023 from N29.5 billion in 2022, indicating positive growth.

  • Capital Hotels lists shares on NASD OTC Securities Exchange

    Capital Hotels lists shares on NASD OTC Securities Exchange

    Capital Hotels Plc has listed its entire share capital on the NASD OTC Securities Exchange, opening up new window for secondary market transactions.

    The NASD OTC Securities Exchange is the government-approved over-the-counter (OTC) platform for trading in unlisted public companies.

    A total of 3.16 billion ordinary shares of 50 kobo each of capital Hotels Plc valued at N15.46 billion were listed at a price of N2.40 per share on the NASD.

    Capital Hotels was incorporated in January 1981 as a private limited liability company and became a public liability company in May 1986. Capital Hotels is the owner of Sheraton Abuja Hotel, which commenced business in January 1990.

    The entire issued share capital of Capital Hotels was delisted from the Nigerian Exchange (NGX) in November 2023 after the new core investor acquired minority stakes.

    22 Hospitality Ltd had acquired 66.13 per cent controlling equity stake in Capital Hotels, which owns Abuja Continental Hotel, formerly known as Abuja Sheraton Hotel. NIPCO Plc, an integrated downstream company that acquired former Mobil Oil Nigeria Plc, is the sole owner of 22 Hospitality Limited.

    Capital Hotels is an associated company of Ikeja Hotel, another publicly quoted company that controls a chain of hotels directly and through other subsidiaries and affiliates including Tourist Company of Nigeria (TCN) Plc and Capital Hotels Plc. Ikeja Hotel owns Sheraton Hotel, Ikeja, Lagos. TCN owns Federal Palace Hotel, Lagos while Capital Hotels owns Abuja Sheraton Hotel. The Ibru family owns the single largest individual shareholding in Ikeja Hotel.

    Read Also: Courteville, Capital Hotels delist shares from NGX

    Other companies on NASD included Great Nigeria Insurance (GNI); Dufil Prima Foods Plc, the manufacturer of Indomie Noodles; Friesland Campina Wamco Nigeria Plc, manufacturer of Peak Milk brand; and Fan Milk Plc, popular manufacturer of Fan Yoghurts, NIPCO Plc, Air Liquide Nigeria Plc Industrial & General Insurance Plc, Central Securities Clearing System Plc, the clearing and depository arm of the Nigerian Stock Exchange; Nigeria Mortgage Refinance Company, Jaiz Bank Plc, the Islamic bank; Acorn Petroleum Plc, Arm Life Plc, Afriland Properties Plc, BGL Plc, Consolidated Breweries Plc and Food Concepts Plc.

    Others included Geo-Fluids Plc, Golden Capital Plc, Niger Delta Exploration & Production Plc, Partnership Investment Company Plc, Resourcery Plc, Riggs Ventures West Africa Plc, Swap Technologies & Telecomms Plc, Vital Products Plc, Fumman Agric Products Industries Plc, Free Range Farm Plc, FAMAD Plc, AG Mortgage Bank, Trustbond Mortgage Bank Plc, Mass Telecom Innovation (MTI) and Providus Bank among others.

  • Courteville, Capital Hotels delist shares from NGX

    Courteville, Capital Hotels delist shares from NGX

    Courteville Business Solutions Plc and Capital Hotels Plc have delisted their shares from the Nigerian Exchange (NGX), ending decades of operations as publicly quoted companies.

    The entire issued share capital of Courteville was delisted at the weekend, following similar delisting of Capital Hotels Plc.

    The two companies reverted to private limited liability status after their core investors acquired shares held by minority shareholders.  

    Capital Hotels was incorporated in January 1981 as a private limited liability company and became a public liability company in May 1986. Capital Hotels is the owner of Sheraton Abuja Hotel, which commenced business in January 1990.

    The entire issued share capital of Capital Hotels was delisted after the new core investor acquired minority stakes and opted to revert to private limited liability company.

    22 Hospitality Ltd had acquired 66.13 per cent controlling equity stake in Capital Hotels, which owns Abuja Continental Hotel, formerly known as Abuja Sheraton Hotel. NIPCO Plc, an integrated downstream company that acquired former Mobil Oil Nigeria Plc, is the sole owner of 22 Hospitality Limited.

    Bows Nigeria Limited, which held 67.01 per cent of the issued share capital of Courteville had earlier this year launched a Mandatory Tender Offer (MTO) to buy the 32.99 per cent held by the other shareholders of the company at 48 kobo per ordinary share.

    Read Also: Naira to close strong on $34.8b year-end diaspora remittances target

    Shareholders of the company had in July 2022 passed special resolutions approving the delisting and re-registration of the company as a private company under the Companies and Allied Matters Act 2020 by the name of Courteville Business Solutions Ltd. It was also resolved that the company’s memorandum be amended.

    Capital Hotels is an associated company of Ikeja Hotel, another publicly quoted company that controls a chain of hotels directly and through other subsidiaries and affiliates including Tourist Company of Nigeria (TCN) Plc and Capital Hotels Plc. Ikeja Hotel owns Sheraton Hotel, Ikeja, Lagos. TCN owns Federal Palace Hotel, Lagos while Capital Hotels owns Abuja Sheraton Hotel. The Ibru family owns the single largest individual shareholding in Ikeja Hotel.

    Courteville had braced the trails as the first e-business solutions company to be listed at the stock market. A leading e-business solutions company in Sub-Sahara Africa, Courteville is the patent owner of the AutoReg Business Solutions Platform.

    The company has grown from a mono product company to be in 18 states in Nigeria, and also operational in Jamaica. It had also evolved into a company with a portfolio of multiple solutions and services that cut across various industries.