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Transcorp Hotels hard hit by impact of COVID-19

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Our Reporter

THE novel COVID-19 pandemic has caused the African Hotel and Tourism industry to lose over $50bn in revenue. Amidst this, Transcorp Hotels Plc has suffered unprecedented losses and is looking to restructure the business strategy of its hotels and optimize its operations.

The management of Transcorp Hotels Plc has announced that it will be taking steps to ensure business continuity in the wake of the losses recorded due to the COVID-19 pandemic. To this end, the hotelier is diversifying its portfolio and reducing its workforce as part of its cost management initiatives.

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The Managing Director, Transcorp Hotels Plc, Mrs. Dupe Olusola, disclosed this during a Press Conference on Thursday, saying “We activated various cost-saving initiatives such as renegotiations of service contracts and restructuring of our loans… Despite undertaking these, it has become apparent that more fundamental changes need to be made for the business to survive. To this end, our workforce headcount will be reduced by at least 40%, and our reward system will be optimized.”

Mrs. Olusola further disclosed that negotiations are ongoing to ensure that staff who will be impacted are adequately compensated given the peculiarities of the economy at this time.

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