Odu’a Investment Company Limited, a conglomerate of companies with a wide spectrum of economic activities covering all sectors of the economy, has opened its doors to potential investors in its hotel subsidiary as it plans to divest its equity in the subsidiary.
Assuring on stability and maximum return on investment for the investors during BusinessDay in-house briefing at its corporate headquarters in Lagos, Adebayo Jimoh, group managing director/CEO, Odu’a Investment Company Limited, noted that the investment opportunities, which offer maximum return on investment, are in Premier Hotel, Ibadan; Airport Hotel, Ikeja, and Lafia Hotel.
According to Jimoh, the hotels’ impressive audited results, prime locations, value of their entire assets and especially the little or no business risk of the assets are top among reasons potential investors should jump at the opportunity.
“With the recent renovations, Premier Hotel, Ibadan records 90 percent occupancy, Airport Hotel, Ikeja is doing well at its Ikeja prime location, while Lafia Hotel now woos more guests, and is now the hub of events in Ibadan because of the very functional events hall”, he said.
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According to the group managing director of the Ibadan-based investment company worth over N80 billion, the move for divesting the equity in the hotels was informed by the need to make it more private sector driven and to bring credible partners that would re-brand and maximise the potentials of hotels for more brand appeal to guests, more viability and mutual benefits of the parties.
He also assured prospective investors of the support and zero interference of the five South Western states, the owners of the company, in the equity divesting move aimed at making the hotels count among top viable subsidiaries of the conglomerate.
Giving conditions for investments in the hotel subsidiary, Jimoh noted that Odu’a is looking for credible investors who have the necessary funds and technical competence to manage its hotels.
It would be recalled that a recent attempt by Golden Tulip Group to manage Premier Hotel, Ibadan failed because of the inability of AFREXIM Bank, a Cairo based-investment bank, and the chief financier of the partnership deal, to provide the funding.
