Transcorp Hotels Plc. (THP) will begin the construction of its $140 million Lagos hotel in two weeks. The 300 room inn will be built on a 6,000 square metre plot of land acquired on Glover Road, Ikoyi, one of the more luxurious areas of Nigeria’s commercial capital Lagos.

This project in accordance with its business expansion agenda, is a response to the demand for expanded capacity and enhanced hospitality quality in service delivery.

Valentine Ozigbo, CEO, Transcorp Hotels Plc in a recent interview with BusinessDay, said the company had concluded agreements for construction to begin. He also explained that the expansion process will increase the demand for hotels especially in the under-served Lagos market.

Transcorp recently concluded an N8 billion public offer in September, which it later revealed was oversubscribed. The profits from that offer will be invested into a series of five star, upper market and middle market properties, the first of which will be two new hotels in Lagos and Port Harcourt at a cost of $140 million and $100 million, respectively.