By Seyi Babalola
Abuja Continental Hotel, formerly Sheraton Hotel, Abuja has assured of its commitment to culture of excellent service deliver as it plans to unveil its remodeled suits soon
The Chairman Board of Directors, Capital Hotel plc (owners of Abuja Continental Hotel), Ramesh Kansagra in a statement at the 42nd Annual General Meeting of the company, said the new rooms under renovation would come into full operation in year 2023.
Represented by a non-executive director of the company, Barrister Paul Chukwuma Obi , said “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,”
Speaking on the hotel renovation, Kansagra said: “The completion date of the first phase of the hotel’s renovation involving about 97 rooms and the Club Lounge scheduled for end of the first quarter of 2023 has been successfully achieved
“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. The renovation objective is to enhance the outlook of the property and give a memorable experience to guests and other stakeholders for their loyalty,”
He recalled that in the second half of 2022, a major change occurred in the operation of the hotel stressing that the change saw the transformation of its operation from Sheraton Abuja Hotel to Abuja Continental Hotel.
The aim, according to the company is to streamline operations, run a slim and efficient hotel to grow shareholder value.
Kansagra said major changes occurred on the board because of the emergence of the new majority shareholder noting that to accommodate the new investors, some of the directors resigned with effect from 15 August 2022, while new directors came on board on the same day.
The new directors are: Mr. Ramesh Kansagra (elected chairman), Ravi Bachu, Pascal Demarchi, Chief Paul Obi, Rishi Kansagra and Aminu Abdulkadir. Others are: Chuma Anosike, Abatcha Bulama, Toke Alex-Ibru and Robert Itawa.
Reviewing its 2022 financial performance, he said Capital Hotels Plc posted an average top-line result, as its turnover rose from N3.83 billion in 2021 to N5.33 billion in 2022 and cost of sales fueled by cost of restructuring rose to N5.83 billion in 2022 from N3.27 billion in 2021.
The net assets, he pointed out, increased by 75.2% to N24.99 billion in 2022, mainly due to the share premium that arose from the new shares allotted to the majority shareholder during the year.
Highlighting the economic impact on the business, the Capital Hotel boss said the company looks forward to favourable economic policies of the incoming government.
“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,” he stated.
Assuring that the hotel is now being repositioned to take its pride of place in the Abuja hospitslity market even as the company is set to deliver enviable results going forward .
