The decision will allow Transcorp Hotels to concentrate on Transcorp Abuja, the company said on Thursday.
Transcorp Hotels Plc is the hospitality subsidiary of Transnational Corporation Plc.
The company announced the “divestment of its 100 per cent interest in Transcorp Hotels Calabar Limited to Eco Travels and Tours Limited, an indigenous hospitality company.
“Eco Travels and Tours has a diversified portfolio including hotel management, wellness and fitness facilities, family-centric spaces, and interior and exterior design and decoration.
Transcorp in its financial statement for 2023 disclosed that it obtained the requisite approval for the divestment of Transcorp Hotels Plc’s 100 per cent shares in Transcorp Hotels Calabar Ltd from the Federal Competition & Consumer Protection Commission (FCCPC).
For the last two years, Transcorp Hotels Calabar has been a loss-making company, declaring N269.3m loss after tax in 2022 and N188.1m loss in 2023.
Transcorp Hotels Calabar also saw its assets depreciate from N2.1bn in 2022 to N1.93bn in 2023, the Transcorp’s books reveal.
The hotel’s current liability also rose from N898.9m in 2022 to N960.4m in 2023.