Mass resignation at Sheraton’s parent firm after sales

Following the acquisition of a majority stake in Capital Hotel by 22 Hospitality Limited, the entire board of the former have resigned, ushering in a new era in the hospitality business.

The previous board, comprising Anthony Idigbe (Chairman), Alexander Thomopulos, Fadeke Olugbemi, Helen Da-Souza, and Akpofure Ibru resigned from their position in Capital Hotel as a result of the acquisition.

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Daily Trust had on Tuesday reported that 22 Hospitality acquired the first batch of 1,611,995,510 Ordinary Shares, representing 51% of the equity of the hotel through private placement, Capital Hotel said in a note filed to the Nigerian Exchange Limited. It said all the required regulatory approvals have been received for the transaction.

It was gathered that the board’s resignation came after 22 Hospitality Limited, a company owned by the Kansagra family, bought a 66.13% equity stake in Capital Hotel.

The stake, which represents 2,090,199,140 Ordinary Shares of 50 kobo each, was worth about an estimated N14 billion. It was acquired from Hans Gremlin Nigeria Limited, Associated Ventures International Limited and in a private placement.

However, a document sent to the investing public, and obtained by Daily Trust, disclosed that 1,611,995,510 shares, representing a 51% stake, were acquired in a private placement.

The acquisition of the majority stake will add Capital Hotel’s hospitality business, which includes Sheraton Abuja Hotel, to Lagos Continental Hotel, which was acquired by 11 Hospitality Limited in December 2019.

The Kansagra family consists of Ramesh Kansagra and Rishi Kansagra, both of whom are directors on the board of 11 Hospitality Limited. The British-Indian brothers would also be sitting on the board of Capital Hotel, with Ramesh as Chairman and Rishi as Non-Executive Director.