Shareholders of Capital Hotels PLC ,owners of Abuja Continental Hotel Hotel ( formerly Sheraton Hotel ) have commended board and management for the fast pace of development since its new owners acquired it.
At its 43rd Annual General Meeting held at the company’s flagship property ,Abuja Continental Hotel ,the shareholders said despite the harsh economic environment in the country, especially in 2023, the management has continued to grow and make profit for its investors.
The President of Abuja Shareholders Association, Chief Innocent Peter Nwokocha, who spoke at the AGM commended the Managing Director of the Hotel for managing to substantially grow the assets and adding value to what they took over at inception.
Nwokocha said his assessment of the Hotel’s progress so far has given him sufficient reason to be hopeful that in the years to come, the growth would manifest in significant returns on investment for shareholders.
He commended the management of the hotel for the ongoing renovation work, the value of which he said was being underestimated.
“The efforts of the management in turning around the company, particularly the MD (Ravi Bachu) must be commended. They have done more than is being publicised in the media. The growth rate of over 42% is encouraging, despite the ongoing renovation of the edifice. The culture of appreciating staff and promotion of staff training to foster continuous effective service delivery is second to none.
“In terms of value addition, the directors and management of the Hotel should however do more in bringing in businesses, especially with the splendid state of the facilities in the hotel,” he said.
While thanking the Chairman of the Board of Directors of the hotel, Ramesh Kansagra, for his humility, Nwokocha said the level of profit declared at the end of the 2023 financial year could be excused as a result of the massive renovation of the hotel to raise its status to enviable standard.
Expressing hope that next year would definitely be better, Nwokocha urged the management to consider and appreciate shareholders’ welfare as the hotel returns to its good old days courtesy of the new investors
In his speech, a Foundation shareholder, Philip Okala, who also commended the management and staff for the ongoing massive uplift at the hotel and facilities, urged the present managers for more ingenuity in making the hospitality firm regain its enviable glory in the sector.
Okala who was a founding director of the company representing Federal Capital Development Authority (FCDA) when they were majority shareholder and now a shareholder, was upbeat of better performance in the 2024 financial year, while calling for patience and perseverance on the part of investors.
In his presentation of the financial statements and report for the year ended December 31, 2023, the Chairman of Capital Hotels Plc, Mr. Ramesh Kansagra, represented by Non-Executive Director, Alhaji Abdulkadir Aminu, said despite the challenging business environment, the hotel demonstrated a noteworthy performance improvement, including a record N7.89bn in revenue during the fiscal year as opposed to N5.33bn in 2022.
He said the company’s total assets increased substantially, indicating a positive trend, adding that the company’s significant increase in capital expenditure was attributed to ongoing investments in its future capabilities and infrastructure to help stay competitive and thrive in the long run.
“The hospitality sector witnessed a slowdown in Q2 2023, decreasing its contribution to GDP. Despite the slowdown, Nigeria remained an attractive market for hotel investment, ranking second in Africa,” he added.
He said the hotel was undergoing extensive, comprehensive and thorough renovations and revamp of its facilities, as part of its unwavering commitment to provide unparalleled hospitality services and maintaining a competitive edge in the hospitality industry in the country.
The scope of the work in the hotel renovation includes completely transforming the hotel’s facade, modernising guest rooms, upgrading the conference and banquet spaces, and enhancing the leisure amenities to meet guests’ expectations.
“We firmly believe these improvements will significantly impact our bottom line not just upon completion, but well into the future. These state-of-the-art accommodations will undoubtedly restore our hotel to its position as the premier five-star hotel in Abuja. Furthermore, upgrading our event spaces will attract more prestigious corporate and social events market segments, thereby increasing our event-hosting revenue,” the Chairman said.
