NIPCO acquires majority stake in Capital Hotels

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A subsidiary of NIPCO Plc, 22 Hospitality Ltd, has announced that it has acquired a majority stake in Capital Hotels Limited, owner of the Abuja Sharaton hotel.

A statement from Deputy Managing Director, Corporate Affairs, NIPCO, Lawal Taofeek, said the deal was part of the integrated downstream operator’s concerted efforts to diversify into the country’s hospitality industry.

Group Executive Director, NIPCO Plc, Aminu Abdulkadir, said the new investors are now keen to restore the hotel to its former glory and reposition it as a premier luxury hotel in Abuja.

He said: “The hotel is currently operated by Starwood/Marriott under various system license agreements with CHP. In the past, Starwood has acknowledged in various reports that the hotel is in a very run-down condition and will require major renovations to bring it up to the brand.

“However, despite the hotel’s poor condition and failure to meet its brand standards, Marriot/Starwood continued to operate the Sheraton Abuja Hotel which is now in a dilapidated and deplorable state”

The press release further explained that the new investors wanted to turn around the situation of the hotel by injecting substantial new capital under certain preconditions.

He said, “Furthermore, as part of the new investors’ commitment to developing the workforce in the hospitality industry, he wants to establish a ‘Hospitality Academy’ in Nigeria in collaboration with the federal government to train young Nigerians in various hospitality skills. . This initiative was born out of the current global shortage of trained and experienced hotel workers.

“Indeed, statistics show that there are currently over a million vacancies in housekeeping, waiters, chefs, security, IT and maintenance. The CHP Hospitality Academy will not only train Nigerians for local employment but also provide them with the expertise required to seek internships abroad to fill the large number of vacancies.

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