Hilton and Transcorp Hotels Plc, a subsidiary of Transnational Corporation of Nigeria Plc, has signed a 20-year extension to the current agreement to manage the Transcorp Hilton hotel in Abuja.
The agreement will see Hilton manage the property until 2037. The hotel, which has hosted many heads of state and global events like the World Economic Forum on Africa, has been operated by Hilton since its opening in 1987.
Speaking at a signing ceremony in Washington DC, Hilton president and CEO Chris Nassetta said: "We have had an incredible relationship with the Transcorp team and we are happy to announce that we will continue to grow that relationship throughout the next 20 years."
The 667-room hotel – one of the largest in sub-Saharan Africa – is currently undergoing a multi-million dollar renovation.
Hilton and Transcorp Hotels have two additional properties in the development pipeline.
Furthermore, Hilton expects to open six hotels in the next six months across Africa, and open properties in 15 countries where it currently does not operate in the next three years.
Hilton, which has more than 5,000 hotels globally, has had a continuous presence in Africa for more than 50 years, and expects to more than double its current presence across the continent in the next five years.