Marriott to Build 50 Hotels in Nigeria, S’Africa, Egypt

Marriott International Incorporated plans to build about 50 hotels in NIGERIA, South Africa and Egypt each before 2020, to benefit from a surge of travelers, the company’s president for the Middle East and Africa, Alex Kyriakidis has revealed.

 Bloomberg quoted Kyriakidis to have explained that the plan is to add 10,000 hotel rooms apiece in Africa’s THREE biggest economies, targeting “super growth” based on their economic potential and tourist attractions.

Speaking in an interview in Addis Ababa, Kyriakidis said: “We see tremendous growth opportunities in Egypt.”

“As NIGERIA’s economy powers on, the demand for hotel rooms is going to be substantially greater.”

The Bethesda, Maryland-based company sees the region as

Transcorp Hotels Plc’s Offer Opens Wednesday

The initial public offering (IPO)  by Transcorp Hotels Plc (THP) to raise about N8 billion from the investing public will open  tomorrow, Wednesday, September 24, 2014.

This follows the completion boarding of the company  held in Lagos  last Friday, where the directors of THP and other parties to the IPO signed the   pact for the offer.

The board of THP approved that the company issues 800 million shares of 50 kobo at N10 per share via the IPO and the listing of the shares of the company on the  Nigerian Stock Exchange (NSE) after the IPO.

The proceeds of the offer will be used to part-finance its expansion projects specifically the construction of two new flagship hotels in Ikoyi, Lagos and Port Harcourt  as part of its broader expansion plans.

THP, formerly known as Transnational Hotels and Tourism Services Limited, is the