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By Aduragbemi Omiyale
Transcorp Hotels Plc has sold its 100 per cent stake in its Calabar subsidiary, Transcorp Hotels Calabar, to Eco Travels and Tours Limited.
The hospitality firm confirmed the divestment last week in a notice to the investing public through the Nigerian Exchange (NGX) Limited, where it trades its securities.
Transcorp Hotels explained that its decision to offload the business in Cross River State was mainly to give more attention to its profit-making Abuja business, Transcorp Hilton Abuja.
“Transcorp Hotels’ strategic focus is on Abuja and the significant continuing investment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos,” a part of the statement signed by the company secretary, Mr Stanley Chikwendu, stated.
Business Post gathered that Eco Travels and Tours is an indigenous hospitality company with a diversified portfolio, including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.
On its part, Transcorp Hotels is the hospitality subsidiary of Transcorp Plc and has consistently reshaped the hospitality landscape in Africa, aligning with its mission to lead in the industry and contribute to Nigeria’s growth while positively impacting lives.
Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.
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