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Transcorp Group has completed piling work on its 24-Floor Lagos hotel building located in Ikoyi, Lagos Nigeria.
The 315 room edifice 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.
“We have concluded the piling for the hotel tower and received government approval for the building plan,” Managing Director/CEO, Transcorp Hotels Plc, Uzo Oshogwe, said at a conference call held by Transcorp Group, following the release of its 9-Months, 2025 financial results.
Transcorp is currently selecting contractors for the building project that will include a 900 sitter ball room, according to Oshogwe.
Transcorp Hotels room segment was the major driver of its revenue surge in the third quarter (Q3) that ended September 2025, showing its strength in the Nigerian hospitality sector, as well as the importance of the Lagos Hotel project in terms of future growth.
The top-4 sources of revenue as at Q3, 2025 were Rooms at N48.05 billion, Food and Beverage (F/B) N21 billion, Shop Rental N1.36 billion and Event center hall rental at N1.15 billion.
Room revenues rose by 50.7% year on year, compared to F/B which was up 41% and shop rental up 20.3%.
Transcorp Hotels Plc, the hospitality subsidiary of Transnational Corporation Plc (Transcorp Group), delivered ₦72.31 billion in revenue in the third quarter (Q3) of 2025, a 49% increase from ₦48.49 billion in Q3 2024, while Profit Before Tax (PBT) surged 36% to ₦22.4 billion.
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