By IBUKUN EMIOLA

In pursuit of excellence and commitment to reposition Premier Hotel, Ibadan, the Odu’a Investment Company Ltd (OICL), says it has entered into a joint venture agreement to turn it to a five-star hotel.

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

Ayetoro said that 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 entail remodelling, renovating and upgrading the existing structure.

He said that it would also add 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.”

Ayetoro stated that all obligations of the Hotel would be fulfilled and appropriate stakeholders in this respect were fully engaged in line with best practice. (NAN)