The Odu’a Investment Company Limited (OICL), owners of Premier Hotel Ibadan, says it has entered a joint venture in agreement with international hotel development and management to turn it into a 5-star hotel.
This is contained in a statement signed by Mr Victor Ayetoro, Head, Branding and Communication Odu’a Investment Company Limited.
According to the release, stakeholders and the general public are notified that in pursuit of excellence and commitment to repositioning the hotel, the Company has entered into a joint venture agreement with a seasoned international hotel development and management company with the requisite expertise, technical and financial capacity for redeveloping and revamping the hotel.
Ayeyoro said that as a result, Premier Hotel would be shut down immediately to create a safe environment for the commencement, execution, and timely completion of the project.
“The hotel redevelopment project will entail remodelling, renovating, and upgrading the existing structure as well as adding new and modern facilities befitting of a 5-star world-class Hotel.
“This will take place in phases with anticipation that the first phase will be completed within 24 months.
“The ‘New Premier Hotel’, when completed, will transit into additional upgraded rooms, equipped with international standard conferencing facilities, modern recreation and fitness centres, multiple restaurants serving African and Continental cuisines, and so on.
“We have sought all necessary statutory and regulatory approvals from all relevant agencies,” he said.
Ayetoro stated that all hotel obligations would be fulfilled and that appropriate stakeholders were fully engaged following best practices.
REPORTERS AT LARGE gathered that the renowned hotel was sold to owners of Golden Tulip, with the Odu’a group holding 25 per cent.
According to our source from the joint venture, the Odu’a group would benefit more from the partnership as the 25 per cent return on investment would bring a greater turnover than when it was under the group.
