Transcorp Hotels plans close to $50M IPO to develop new luxury hotels in Nigeria

Transcorp Hilton, Abuja, Nigeria

Transcorp Hotels Plc will invest the proceeds of an 8 billion naira ($49 million) initial public offering into two new luxury Nigerian properties as the operator seeks to exploit a rise in international travel.

The company, which owns two hotels including the flagship Hilton Worldwide Inc. (HLT) property in Nigeria’s capital, Abuja, plans to add two more in Africa’s biggest economy within the next three years, Chief Executive Officer Valentine Ozigbo said in a Sept. 19 interview in Lagos.

Read more: Transcorp to Develop New Luxury Nigeria Hotels With IPO Proceeds – Bloomberg.