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Transcorp Hilton Hotel

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Transcorp Hotel Plc (commonly reported as Transcorp Hilton Hotel, Transcorp Hilton Abuja) is a Nigerian hospitality company that owns Transcorp Hilton Abuja.

History

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Transcorp Hotel officially opened its doors to its first guest on April 21, 1987. Built on 20 hectares of land, the hotel initially began operations as Nicon Hilton Hotel, becoming a member of the Hilton brands. Over the years, Transcorp Hotel has hosted numerous events, including the ECOWAS, World Economic Forum, Miss World Pageant, and the Commonwealth Heads of Government Meeting.[1]

In 2005, the Federal Government of Nigeria privatized NIRMSCO Properties Limited, the then owner of the Nicon Hilton Hotel. As part of a consortium, Transcorp purchased a proprietary stake in the company and became the core investor, while the federal government retained the remaining 49%. Hilton International was engaged to manage the property.[2][3][4]

NIRMSCO Properties Limited was changed to Transnational Hotels & Tourism Services Limited (THTSL) in 2007. THTSL was the hospitality subsidiary of Transcorp. In 2013, Transcorp bought out other consortium members and became the sole owner of the 51% controlling shares in THTSL. THTSL was rebranded Transcorp Hotels Plc in 2014, ahead of an initial public offering in October 2014.[5][6]

In 2020, due to the impact of the COVID-19 pandemic, Transcorp Hotel reduced its workforce by about 40 percent and all executives took a pay cut as a result of significant losses.[7]

In January 2025, Uzo Oshogwe was appointed as the new Managing Director/Chief Executive Officer of Transcorp Hotel, the hospitality subsidiary of Transnational Corporation Plc.[8] She succeeded Dupe Olusola, who had served in the role since March 25, 2020.[9]

Transcorp Hotel ended 2023 as the best–performing stock on the Nigerian Stock Exchange with a yearly gain of 1022.9%.[10] In Transcorp Hotels Plc became the first Nigerian hospitality group to cross the ₦1 trillion market capitalization level, entering the SWOOTs (Stocks Worth Over One Trillion) group on the Nigerian Stock Exchange.[11][12]

In April 2024, Transcorp Hotels Plc finalized its decision to divest its entire equity holdings in its Calabar subsidiary, Transcorp Hotels Calabar.[13]

Awards

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At the 2022 World Travel Awards, Transcorp Hotel won for the eighth year in a row, in four categories: Africa's Leading Business Hotel, Nigeria's Leading Business Hotel, Nigeria's Leading Hotel, and Nigeria's Leading Hotel Suite. It also received the award for Nigeria's Leading City Hotel for the first time.[14][15] In 2024, Transcorp Hotel won Booking.com's Traveller Review Awards 2024.[16]

References

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  1. ^ BusinessDay (2017-07-16). "Transcorp Hilton Abuja celebrates 30-year anniversary". Businessday NG. Retrieved 2025-03-29. {{cite web}}: |last= has generic name (help)
  2. ^ Mefor, Law (2021-11-04). "Did Soludo lie about his appointment as CBN governor, Transcorp". TheCable. Retrieved 2025-06-23.
  3. ^ https://www.proshare.co/articles/fg-to-shed-24-shares-in-transcorp-hilton?menu=Economy&classification=Read&category=Nigeria%20Economy
  4. ^ Ajumobi, Kemi (2020-08-28). "Women in Business: Dupe Olusola". Businessday NG. Retrieved 2025-06-23.
  5. ^ Owoeye, Fikayo (2018-03-07). "Elumelu:The new Transcorp Hotel will create employment opportunities for Nigerians". Nairametrics. Retrieved 2025-06-23.
  6. ^ Ohwovoriole, Onome (2017-11-03). "Transcorp Hotels and Hilton renew agreement". Nairametrics. Retrieved 2025-06-23.
  7. ^ "Transcorp Hilton Reduces Staff By 40 Per Cent Over COVID-19 Losses | Sahara Reporters". saharareporters.com. Retrieved 2025-03-29.
  8. ^ Adamolekun, Ronald (2025-01-06). "Transcorp Hotel gets new CEO". Premium Times Nigeria. Retrieved 2025-03-29.
  9. ^ Okoye, Izuchukwu (2024-12-16). "Uzo Oshogwe replaces Dupe Olusola as MD/CEO of Transcorp Hotels Plc". Nairametrics. Retrieved 2025-03-29.
  10. ^ Olujinmi, David (2023-12-30). "Best Performing Stocks in the NGX in 2023". Nairametrics. Retrieved 2025-03-29.
  11. ^ Olujinmi, David (2024-01-15). "Transcorp Hotels crosses N1 trillion Market Cap, first Nigerian hospitality company to do so". Nairametrics. Retrieved 2025-03-29.
  12. ^ https://www.proshare.co/articles/transcorp-power-in-as-11-listed-companies-hit-n1trn-market-cap-as-of-may-10-2024?menu=Market&classification=Read&category=Capital%20Market
  13. ^ Ajia, Jide (2024-04-18). "Transcorp Hotels to sell 100 per cent stake in Calabar subsidiary". Punch Newspapers. Retrieved 2025-03-29.
  14. ^ Oluwole, Victor (2022-10-26). "Transcorp Hilton Abuja is the business hotel in Africa, according to World Travel Awards". Business Insider Africa. Retrieved 2025-03-29.
  15. ^ Obinna, Emelike (2022-11-05). "Transcorp Hilton Abuja wins big internationally, bags 8 awards". Businessday NG. Retrieved 2025-03-29.
  16. ^ Editor, Collins Nweze | Assistant Business (2024-02-13). "Transcorp Hilton Abuja gets recognition". The Nation Newspaper. Retrieved 2025-03-29. {{cite web}}: |last= has generic name (help)
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