BACKGROUND INFORMATION
During the privatisation of the hotel, seven (7) prospective investors were pre-qualified for lkoyi Hotels Limited and approved by the National Council on Privatisation (NCP) to proceed to due diligence stage. All the prospective investors were given equal opportunities to conduct due diligence on the hotel within the 6 weeks duration the exercise lasted, ending on September 20, 2002. BETA Consortium Limited emerged as the Core Investor with a $13.867m bid and the Bureau signed the sale agreement with the Core Investor and subsequently handover the management of the hotel.
Name of Enterprise
Ikoyi Hotel (Now Southern Sun)
Name of Investor
BETA Consortium Limited
Reform Strategy
Core Investor Sale
Date of Transaction
2002
Cost of Transaction
$13.867m
Status
Operational
