From left, Independent Non-Executive Director , Capital Hotel Plc (owners of Abuja Continental Hotel), Nurudeen Abubakar; Managing Director, Ravi Bachu; Non-Executive Directors, Chuma Anosike, Abdulkadir Aminu, Paul Obi and Company Secretary, Alex Ugwuanyi, during the 43rd Annual General Meeting (AGM), held in Abuja.
Capital Hotels Plc is poised to enrich guest experiences by prioritising value-added services that distinguish its offerings and justify room rates amidst inflationary pressures.
Speaking at the 43rd Annual General Meeting (AGM), held at the company’s flagship property, Abuja Continental Hotel, FCT, Abuja (formerly Sheraton Hotel, Abuja), the Chairman, Mr Ramesh Kansagra, unveiled the company’s commitment to this strategy.
In addition, the company pledged to implement cost-saving measures aimed at enhancing operational efficiency without compromising service quality Leveraging online booking platforms and digital marketing, Capital Hotels Plc aims to optimise operations and expand its reach to a broader audience.
He said, “Despite the hurdles posed by the economic climate and hotel renovations, Capital Hotels Plc is positioned to enhance guest experiences, plan to focus on value-added services that offer unique offerings which will justify room rates despite inflation.
“Additionally, we will implement cost-saving measures to improve efficiency without compromising quality. We will utilise our online booking platforms and digital marketing to streamline operations and reach a wider audience.”
Kansagra said the global economy faced multiple challenges in 2023 including the ongoing war in Ukraine, rising inflation and central bank interest rate hikes.
He stated that 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.
“Long-term forecasts for the hospitality sector remain positive driven by factors such as a rising middle class and increased investment in infrastructure.”
The company has demonstrated a noteworthy performance improvement despite the challenging business environment including a record N7.89 billion in revenue this fiscal year as opposed to N5.33 billion in 2022. Its total assets have increased indicating a positive trend.
The company’s significant increase in capital expenditure is attributed to ongoing investments in its future capabilities and infrastructure, which will help it stay competitive and thrive in the long run.
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