Western Metal Products Company (WEMPCO) is divesting its investment in Lagos Oriental Hotel to focus on its core manufacturing mandate and contrary to
Western Metal Products Company (WEMPCO) is divesting its investment in Lagos Oriental Hotel to focus on its core manufacturing mandate and contrary to rumours, the company says it has no plans of exiting Nigeria despite the challenging business environment.
WEMPCO Group of Companies was founded by businessman and entrepreneur, K.F. Tung, over 50 years ago. Tung passed away on March 27, 20l9, aged 97.
“The Lagos Oriental Hotel is a flagship in the Nigerian hospitality business but is not a flagship of the WEMPCO Group. It is an investment made by the Group in 2008, but not part of our core manufacturing business. Although the recent spate of advertisement of the Hotel was not initiated or authorised by our Group, to divest in the asset would simply be a commercial decision based on the merits of a reasonable transaction,” a statement from the group read in part,
The hotel, which is located at 3, Lekki – Epe Expressway, Victoria Island, was listed for sale at N94 billion ($250 million).
According to the description depicted on the website, the hotel has variety of rooms, including the classic room, the classic superior, the classic deluxe room, junior suite, executive junior suite, business suite, diplomatic suite, ambassador suite, and presidential suite. All the rooms have a mini bar each and is refilled everyday.
