BEST PREMIER HOTELS

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BEST PREMIER HOTELS

REQUEST FOR EXPRESSION.OF INTEREST IN THE ACQUISITION OF A 4STAR HOTEL IN PORT HARCOURT, NIGERIA.

BACKGROUND
The Best Premier Hotel In Port Harcourt is an international standard Four Star Hotel which is a market leader in Port Harcourt and environs. It is well maintained and boasts of a clientele of the leading Oil and Gas companies and power generation and distributions companies and their support services companies. The owners of the hotel have decided to spin-off this hotel as a result of change in their corperate strategy.

HOTELS IN PORT HARCOURT
• The hotel industry in Nigeria boost about 7,000 hotels and 245,000 rooms ranging from the luxurious five star to smaller one star hotels.
• The industry rakes in revenue of 562 Billion in year 2014 with 63% being from room rentals. (Augusto Research).
• Hotel and Tourism contributed 1.56Trillion being the equivalent of 1.75% of GOP in 2015. This is expected to rise to 2.4% in 2016 and subsequently to 5.8% in 10years. (office of Statistics).
• Hotels have been concentrated in the Cities with the highest level of economic activities. Lagos has 21 Five Star Hotels, Abuja has 6 and Port Harcourt can boast of four.
• The leading hotels in Port Harcourt that compete with Best Premier Hotel include;
i. NOVOTEL
ii. LE MERIDIAN
iii. GOLDEN TULIP
iv. DE EDGE HOTEL
v. PRESIDENTIAL HOTEL
vi. BEST PREMIER

THE OPPORTUNITY.
We present an opportunity to acquire an excellently developed four star hotel in the cosmopolitan city of Port Harcourt, Southern Nigeria.

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The hotel previously flew the flag of;
• PROTEA
• BEST WESTERN (PREMIER) BRANDS.

This opportunity provides the acquirer with the following advantages;
• Well built and maintained four star hotel.
• Existing clientele in the Oil and Gas and Powers sectors.
• Eliminates development activities and provides instant market entry.
• Excellent Management and hotel staff.
• Excellent location in Port Harcourt

THE ASSET.
The Hotel is situated at KM 27 Aba-Port Harcourt express way, on a piece of land measuring an area of 4,000 M2 with a gymnasium, Lawn tennis court, conference rooms and shopping facilities. It has all the amnesties of a standard four star hotel. It has two stand-by generators and inverter totaling a capacity of 47.5KVA.

FACILITIES
Functional facilities in the Hotel include:

INDOOR
• Reception
• Lounge
• Bar
• Restaurant
• Kitchen
• Store
• Laundry

LODGING
• Presidential Suite
• Junior Presidential Suite
• Suite
• Superior Room
• Lounge

MEETING
• Banquet Hall
• Board Room
• Meeting Room

OUTDOOR
• Tennis Court
• Terrace Bar/Event Center
• Parking
• Gymnasium
• Security House
• Admin Block

Facilities which are under various stages of development;
• Swimming Pool
• Cinema Flail
• Event Hall
• 40 Rooms
• 3 Board/Meeting Rooms
• 3 Office Apartments
•Tennis Court Bar

EXPRESSION OF INTEREST.
Expressions of interest should reach the contact below. Such EOI should be written and addressed on the letter head of prospective acquirer. It should state the following;
• Name of Company
• Line of Business
•Turnover in the last three audited financial years (in the ease of individuals, statement of Net worth attested to by your bankers)
• Whether quoted on any exchange
• Any strategic affiliations with foreign equity holders
• Date of incorporation and RC number
• Name and contact details of primary contact.

NEXT STEPS.
On receipt of a satisfactory EOI from prospective investor, such investor will be given opportunity to conduct a site visit to the Hotel, will be given access to the corporate documents in the virtual data room (VDR) and be requested to submit a bid within the stipulated time line indicated in the VDR