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Capital Hotels charts growth path amid economic challenges

. Focuses on renovations, strategic investments

By Tochukwu Bliss, Abuja

The Chairman, Capital Hotels Plc, Ramesh Kansagra, has said the company has demonstrated significant improvement in its operations, recording an impressive revenue of N7.89 billion compared to N5.33 billion in 2022, representing an increase of 48.03%.

Mr. Kansagra, who stated this while addressing shareholders at the company’s 43rd Annual General Meeting (AGM) held at its flagship, Abuja Continental Hotel, noted that despite the challenging environment in 2023, the company’s total assets also increased, reflecting a positive trend.

He disclosed that Capital Hotel Plc is currently focusing on renovation of its facilities and strategic investments for expansion, adding that its investments in future capabilities and infrastructure contributed to its

2023 revenue growth and positioned it for long term competition.

According to him, Capital Hotels Plc is undergoing extensive renovations to modernise guest rooms, upgrade conference and banquet spaces and enhance

leisure amenities, which are aimed at providing unparalleled hospitality services and maintaining a competitive edge in the industry.

The Chairman of Capital Hotels Plc, said: “The company believes these investments will significantly impact its bottom line and restore its position as the premier five-star hotel in Abuja.”

Mr. Kansagra stated: “In Nigeria, economic challenges included the monetization policies, a contested general election, rising inflation, Central Bank hike in interest rate and global supply chain disruptions.

These factors impacted investment, productivity, and economic growth in Nigeria, leading to escalating inflationary pressures, exchange rate depreciation, and fiscal constraints.

“Despite challenges, the company plans to focus on value-added services, implement cost-saving measures, and utilise online platforms to enhance guest experiences and improve efficiency,” he stressed.

These factors impacted investment, productivity, and economic growth in Nigeria, leading to escalating inflationary pressures, exchange rate depreciation, and fiscal constraints.

The Managing Director and Chief Executive Officer, Capital Hotels Plc, Ravi Bachu, in his address said the company’s priorities for 2024 would be on new strategies to strengthen its market position and emerge stronger from economic challenges.

He explained that the hotel would leverage technology to streamline operations, implement cost-saving measures, and develop staycation packages to cater to local events and conferences. It would also partner with local

businesses to create value packages that showcase the hotel as a community hub.

Bachu stressed: “Capital Hotels Plc remains optimistic about its future growth and development, despite the challenges faced in 2023.

“The company’s commitment to customer satisfaction, strategic investments, and operational efficiency positions it for success in the coming years.”  

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