The management of Transcorp Hotels PLC, owners of Transcorp Hilton Abuja has disclosed that it is spending a total of NGN7,6 billion to refurbish the five star hotel.
This disclosure was released in Transcorp Hotels PLC’s third quarter result, released earlier today.
The company disclosed that to raise funds for the project, the it sold an unsecured and non- current bond worth NGN16,3 billion and another unsecured and current bond worth NGN3,2 billion to fund the projects and other upgrades across its hotels.
As a note to its investors, the company explained that “The fair values of borrowings are based on cash flows discounted using a rate based on the borrowing rate of 16% and the rate used is the average interest rate obtainable from commercial banks”.
The refurbishment is planned to be completed by April 2017. Also, the company said it is planning the construction of Multipurpose Banquet Hall in Transcorp Hilton Abuja, the same hotel. The company disclosed that project will cost a total of NGN1,9 billion and will be due for delivery by December, 2017.
Transcorp Hilton Abuja is the largest hotel in Abuja, Nigeria’s commercial capital.
In its third quarter result, Transcorp Hotels PLC said its Q3 revenue result delivered a 5% growth its headline revenue.
The result showed that the group recorded a gross revenue increased to NGN11,4 billion for the third quarter of the year 2016 compared to last year same quarter when it recorded a net revenue of NGN10,9 billion.
Transcorp Hotels is led by CEO Valentine Ozigbo. The Board is chaired by O’tega Emerhor, with support from Benjamin Dikki, Okaima Ohizua and Emmanuel N. Nnorom.