Sheraton Abuja Hotel changes name

Sheraton Abuja Hotel will now be known as Abuja Continental Hotel, its owner, Capital Hotels Plc, announced the name change in a regulatory filing seen by PREMIUM TIMES on Thursday.

The disclosure is the first corporate action by Capital Hotels since it was acquired by 22 Hospitality Limited in late September, a deal in which it sold a 66.1 percent controlling stake in the company. That equates to 2.1 billion ordinary shares.

“The Hotel has also been reopened for operations while renovations are underway to bring the Hotel to a standard befitting its status as a Five Star Hotel,” the document said.

Capital Hotels has not reported a profit for the past three years, a check by PREMIUM TIMES shows.

Capital Hotels from the beginning of 2022 to raise capital by issuing the rights to renovate the luxury hotel, but the proposal was stopped because the shareholders refused to approve the move on the grounds that the price of the rights issue would destroy the rights.

That forced the Board to explore private places, easing the way for 22 Hospitality to become the new owner.

The 1.6 billion shares given to 22 Hospitality after the transaction was worth N11.3 billion, in addition to the purchase of shares by the new owners from strategic shareholders like Hans Gremlin Nigeria Limited and Associated Ventures International Limited who parted with 456.6 million and 21, 6 million shares. , respectively.

Bank of Industry Limited, Ministry of Finance Incorporated, Nigeria Re-insurance Corporation and Continental Energy Resources Limited are among the major shareholders of Capital Hotels, according to a 2021 audited financial report.

Shares in Capital Hotels have been stuck at N2.76 per unit for the past eight weeks.