Finance

Capital Hotels Turnover Hits N5.3bn, Mulls Fresh Investment.

Capital Hotels Plc,former owners of Sheraton Hotel,Abuja,has announced N5.33billion turnover for the year ended December 2022,representing a giant leap on the N3.83bn in the previous year.

Also,the hospitality company announced that its net assets increased by 75.2% to N24.99bn in 2022, mainly due to the share premium that arose from the new shares allotted to the majority shareholder during the year.

Ramesh Kansagra, chairman Board of Directors, Capital Hotel Plc, who spoke through a Non- Executive Director , Barrister Paul Chukwuma Obi at the 42nd Annual General Meeting of the company, said during the year under review, Capital Hotels Plc posted an average top-line result. 

Kangsagra,while reviewing the global economy and its impacts on the business environment in the year in view, said a major change occurred in the operation of the hotel.

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According to him, the change saw the transformation of its operation from Sheraton Abuja Hotel to Abuja Continental Hotel, adding that the aim is to streamline operations, run a slim and efficient hotel to grow shareholder value.

He hinted that the completion date of the first phase of the Hotel’s renovation involving about 97rooms and the Club Lounge scheduled for end of the first quarter of 2023 has been successfully achieved 

According to him, in addition to the said rooms a major facelift is being undertaken by the Hotel in line with the promise made by the new majority shareholder at the inaugural board meeting.

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He added: “Capital Hotels Plc will continue to enhance its dominant position in the hospitality industry in the Abuja Market as the new rooms under renovation come into full operation in year 2023. 

“The Hotel will continue its culture of excellent service delivery as the hallmark of our brand, a tradition we proudly improve on year-on-year. 

“This is in addition to the homely ambience of the Hotel as well as its unbeatable cuisines. This tradition is borne out of our long-term confidence in the hospitality sector of the Nigerian economy. 

On the outlook of the company for 2023,he said the company will direct its attention to giving the hotel a new look, make smart investment in innovation including deploying hospitality tools to recapture its lost ground with a view to enhancing guest experience, value for money and loyalty.

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He added: “A new government is expected to debut in May 2023. With it, new economic policies will emerge. ”We look forward to seeing how the new policies will handle the rising inflation, national debt profile and debt servicing burden, especially the depreciating national currency. 

“We look forward also to seeing a policy plank to address the state of energy supply as a major driver of the economy to reverse the negative economic indices that were with us in the time past”.

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