Premier Hotel to transform into five-star, shut down

The Odu’a Investment Company Limited (OICL), says it has entered into a joint venture agreement to turn the Premier Hotel, Ibadan,Oyo State into a five-star hotel.

Head, Branding and Communication, Mr Victor Ayetoro, made this known in a statement on Wednesday in Ibadan.

Ayetoro said the Premier Hotel would be shut down immediately “in order to have a safe environment for the commencement, execution and timely completion of the project”.

According to him, the joint venture agreement is with a seasoned international Hotel development and management company with the requisite expertise, technical and financial capacity for redeveloping and revamping the hotel.

Ayetoro said that the hotel redevelopment project would add to the Premier, new and modern facilities befitting of a five-star world class hotel.

Ayetoro said: “This will take place in phases with anticipation that the first phase will be completed within 24 months.

“The ‘New Premier Hotel’ when completed, will transit into additional upgraded rooms, equipped with international standard conferencing facilities, modern recreation and fitness centres, multiple restaurants serving African and Continental cuisines, among others.

“We have sought all necessary statutory and regulatory approvals from all relevant agencies.

“All obligations of the hotel are being fulfilled and appropriate stakeholders in this respect are fully engaged in line with best practice.”