Transcorp Hotels sells Calabar subsidiary to Eco Travels & Tours.

Transcorp Hotels Plc on Thursday said it had divested its 100 per cent interest in Transcorp Hotels Calabar Ltd., to Eco Travels and Tours Ltd., an indigenous hospitality company.

Mr Stanley Chikwendu, Company Secretary, Transnational Corporation, disclosed this in a notification sent to the Nigerian Exchange Ltd.(NGX) in Lagos.According to Chikwendu, Transcorp Hotels’ strategic focus is on Abuja and the significant continuing unvestment in the iconic Transcorp Hilton Hotel and in development opportunities in Lagos.

He noted that Eco Travels and Tours has a diversified portfolio, including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.

The company secretary said, in the firm’s published 2023 audited financial statements, the company recorded 36 per cent revenue growth.

With the ongoing execution of its business strategies and optimisation of new business opportunities, he noted that the hospitality subsidiary would continue to deliver even greater value to all its stakeholders.

Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation
Plc (Transcorp Group), one of Nigeria’s largest conglomerates.

The hospitality subsidiary is consistently reshaping the hospitality landscape in Africa, aligning with its mission to lead in the industry and contribute to Nigeria’s growth while positively impacting lives.

Notably, in 2023, the company’s shares concluded the year as the top-performing stock on the NGX.