Revitalized hotel business to outperform in 2022 The hospitality business emerged as the premier contributor to topline growth in H1'22 (67.7% of additional sales), with a positive passthrough from political activities driving up occupancy rates from 54.0% to 79.0%. In our view, the formal commencement of election campaigns, the typical higher levels of activities during H2 festivities and the upgrade of the Calabar hotel could drive FY'22E occupancy rate to 80.0% and hospitality revenue to N28.0 billion (+29.4% YoY) in FY'22.
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CardinalStone is a full service investment banking firm with a vision to build a world class investment banking firm of African origin; operating out of Lagos, Nigeria. The firm was incorporated in April 2008 and began operations in June 2008. CardinalStone is duly registered with the Securities & Exchange Commission in Nigeria to carry on business as an Issuing House, Fund Manager and Broker/Dealer
The Firm's activities are carried out across five business units: Asset Management, Investment Banking, Private Equity, Securities Trading and the Business Support Group.
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