Sharaton Hotel Abuja will henceforth be called Abuja Continental Hotel according to regulatory files seen by Premium times on Thursday.
This step mark the first action since the Hotel was acquired by its new owner 22 Hospitality Limited late September. The firm also announced the commencement of major upgrade of the facility to bring it to a standard befitting its status as a five star hotel.
The acquisition of the bank by the new owner will pave way for major upgrade that has been facing administrative bottlenecks and power tussles from the shareholders of the former owner Capital Hotels.
"Capital Hotels set out early in 2022 to raise capital by way of rights issue to renovate the luxury hotel but the proposal was stalled by shareholders’ refusal to endorse the move on the grounds that the pricing of the rights issue would erode their rights.
That forced the board to explore private placement, easing the path for 22 Hospitality to become the new owner."- Premium times
Bank of Industry Limited, Ministry of Finance Incorporated, Nigeria Re-insurance Corporation and Continental Energy Resources Limited are among the substantial shareholders of Capital Hotels, according to its 2021 audited financial statement.
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