Moorhouse Properties Limited

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Moorhouse Properties Limited (“MPL” or “the Company”) is embarking on a $37.4 million expansion Project which involves the (i) construction of two 3- star hotels and two 2-star hotels to be implemented respectively by its operating companies A. M. Hotels Limited (“AMHL”) and MP Budget Limited (“MP Budget”); (ii) setting up of its corporate office and (iii) refinancing of debt (the “Project”). The main purpose of the Project is to meet demand in the middle and budget segments of the Nigerian hotel market by developing an easily-recognizable international brand (Ïbis”) and an indigenous value brand (Travelhouse) of international standard. MPL’s expansion model is centered on offering to business and leisure travelers, comfortable and moderately priced lodging facilities in markets where such products are presently not available. The emphasis is on providing room quality with less public area, food and beverage outlets than a full service.