Transnational Corporation (Transcorp) will enter into a 10-year management contract under which about $600 million Hilton Hotels Corporation to manage Nigeria's most prestigious, Transcorp Hilton, Abuja. Hospitality sources said the deal would be sealed by the President of Hilton Hotels Corporation for Middle East and Africa, Mr. Jean-Paul Herzog and Transcorp Chairman, Ndi Okereke-Onyiuke, on Thursday. “It is remarkable to have the agreement renewed by Transcorp. It is a vote of confidence on the management of the hotel. The contract is potentially worth about $600 million.”

The President of Hilton Hotels Corporation for Middle East and Africa, Jean-Paul Herzog, is expected to meet with key officials of the hotel and Transcorp, and also commemorate his first visit to Nigeria with tree planting, sources said. Transcorp Hilton recently completed a comprehensive refurbishment of all 670 bedrooms, including 240 suites, valued at $50 million. The refurbishment also included the renovation of all 24 meeting rooms, the Congress Hall, installation of new “no-break” UPS generators, kitchens and restaurant, and installation of interactive TV system with internet connectivity in all rooms.

Transcorp Hilton Hotel Abuja, which occupies an expanse of 199,500 square metres of prime-value land, commenced operations on April 14, 1987 with 670 rooms and suites spread on ten floors of the three-winged, 12-storey edifice. Hilton Hotels Corporation is a leading global hospitality company, with more than 3,000 hotels and 500,000 rooms in 76 countries.