Just four years after it opened its first property in Nigeria, hospitality giant, InterContinental Hotels Group is withdrawing from Africa’s most populous country.
Bloomberg reports that the withdrawal is due to a disagreement with local partners over the terms of how to bring the property out of receivership.
According to the reports, the company’s 358-room hotel in Lagos, will no longer operate as an InterContinental-branded property with effect from 18 January 2018.
ThisDay also reported that a Nigerian court had in May 2017, ordered Skye Bank Plc, one of the lenders to InterContinental hotel, to take over the property from its owner Milan Group over debts of $29.8 million and 3.8 billion naira.
InterContinental Hotels Group is a British company with 5,272 hotels in nearly 100 countries. Its brands include Crowne Plaza, Holiday Inn, Holiday Inn Express and Staybridge Suites.
The company’s other hotels in sub-Saharan Africa are in South Africa, Mauritius and Zambia.
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Wow! Stunning! Hilton seems to be taking Africa by storm. Just a couple of years back, they opened the first ever in Eswatini.
Wonderful event and topics discussed, hopefully we see the manifestations in our African airline businesses in the nearest future. Kudos to you all.
Hi, I'm Lucy. Please how do I embark on my travel/ tour business. I am newbie and help..
Prices in the Sol Torremolinos Don Pablo are the same than two weeks ago.
Good location astounding but the staffs are rude and they make me wait so long for the service. They charge me more than what is on the website and did not refund me the manager is not helping with the issue
WoW. Amazing Review. 👍
I spent the holidays here, I don't know why but during the holidays their reception smells like a piss Id rather not spend my special occasions here
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