InterContinental Hotel Group Exits Nigerian Market
Just four years after it opened its first property in Nigeria, hospitality giant, InterContinental Hotels Group is withdrawing from Africa’s most populous country.
Bloomberg reports 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 Lagos, will no longer operate as an InterContinental-branded property with effect from 18 January 2018.
ThisDay also reported that 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 Milan Group over debts of $29.8 million and 3.8 billion naira.
InterContinental Hotels Group is a British company with 5,272 hotels in nearly 100 countries. Its brands include Crowne Plaza, Holiday Inn, Holiday Inn Express and Staybridge Suites.
The company’s other hotels in sub-Saharan Africa are in South Africa, Mauritius and Zambia.