Shareholders impressed as Capital Hotels records over 42% growth rate in 2023

Shareholders of Capital Hotels PLC, owners of Abuja Continental Hotel Hotel (formerly Sheraton Hotel) have commended board and management for the fast pace of development since its new owners acquired it.

At its 43rd Annual General Meeting held at the company’s flagship property, Abuja Continental Hotel, the shareholders said despite the harsh economic environment in the country, especially in 2023, the management has continued to grow and make profit for its investors.

The President of Abuja Shareholders Association, Chief Innocent Peter Nwokocha, who spoke at the AGM commended the Managing Director of the Hotel for managing to substantially grow the assets and adding value to what they took over at inception.

Nwokocha said his assessment of the Hotel’s progress so far has given him sufficient reason to be hopeful that in the years to come, the growth would manifest in significant returns on investment for shareholders.

He commended the management of the hotel for the ongoing renovation work, the value of which he said was being underestimated.

“The efforts of the management in turning around the company, particularly the MD, Ravi Bachu must be commended. They have done more than is being publicised in the media. The growth rate of over 42 percent is encouraging, despite the ongoing renovation of the edifice. The culture of appreciating staff and promotion of staff training to foster continuous effective service delivery is second to none.

“In terms of value addition, the directors and management of the Hotel should however do more in bringing in businesses, especially with the splendid state of the facilities in the hotel,” he said.

While thanking the Chairman of the Board of Directors of the hotel, Ramesh Kansagra, for his humility, Nwokocha said the level of profit declared at the end of the 2023 financial year could be excused as a result of the massive renovation of the hotel to raise its status to enviable standard.

Expressing hope that next year would definitely be better, Nwokocha urged the management to consider and appreciate shareholders’ welfare as the hotel returns to its good old days courtesy of the new investors

In his speech, a Foundation shareholder, Philip Okala, who also commended the management and staff for the ongoing massive uplift at the hotel and facilities, urged the present managers for more ingenuity in making the hospitality firm regain its enviable glory in the sector.

Okala who was a founding director of the company representing Federal Capital Development Authority (FCDA) when they were majority shareholder and now a shareholder, was upbeat of better performance in the 2024 financial year, while calling for patience and perseverance on the part of investors.