Odu’a Investment Company Limited, owner of the popular Premier Hotel has shut down the relaxation service-providing establishment. The decision was made in order to reposition the hotel and turn it into a five-star one, saying it has entered into a joint venture agreement to achieve that.
This decision was made known in a statement on Wednesday in Ibadan by Mr Victor Ayetoro, Head of Branding and Communication, Oyo State.
“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. The joint venture agreement was entered into with a competent international Hotel development and management company capable of revamping the old establishment. The hotel redevelopment project would entail remodelling, renovating and upgrading the existing structure,” he said. 
He added that it would also add new and modern facilities befitting of a five-star world-class hotel, adding that process would take place in phases.
According to him, 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,” he said.
