UBA Wise Saver Promo

Bank of industry

InterContinental Hotel Group Exits Nigerian Market
Posted by Editor One on 24th January 2018
| 3433 views

Image result for intercontinental hotel group logoFour years after it opened its first Flagship in Nigeria, hospitality giant, “InterContinental Hotels Group” is withdrawing from Africa’s most populous country.

Available information is 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 Nigeria Commercial Centre, Lagos, will no longer operate as an InterContinental-branded property with effect from 18 January 2018.

According to available information 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 the “Milan Group” over debts of approximately $29.8 million and 3.8 billion naira.

InterContinental Hotels Group which operates in nearly 100 countries is a British company with 5,272 hotels.

Its popular brands include Crowne Plaza, Holiday Inn, Holiday Inn Express and Staybridge Suites.

The company also operate hotels in South Africa, Mauritius and Zambia as part of its sub-Saharan Africa business.

 

 

Translate »