Transcorp Hotels is set to complete its 315 room Lagos hotel located in Ikoyi, Nigeria by 2027. The 20-storey plus hotel tower will help the firm to diversify its earnings away from the Abuja Transcorp Hilton from which it currently makes over 90 percent of its revenue.
“It is significant as it will help grow our revenues and deliver more in the hospitality space,” said Dupe Olusola Managing Director and Chief Executive Officer of Transcorp Hotels Plc.
Transcorp will consider equity and debt financing for the Lagos hotel Olusola said.
Transcorp Hotels audited 2023 full-year results, showed outstanding performance with record breaking revenue of N41.5 billion in 2023, compared to N30.4 billion in 2022, marking a substantial 36% growth year-on-year, while operating income also grew by 50%, to close at N13.1 billion as of December 2023, compared to N8.8 billion in December 2022.
Transcorp Hotels Plc is the listed hospitality subsidiary of Transnational Corporation Plc and the stock is up 39% year-to-date.
