Ikeja Hotel (Nigeria) Financial Statements for the Year Ended, December 31, 2020, reported a Loss After Tax of N6.72billion. This performance reflected the full impact of the Covid19 Pandemic, which shut down the economy, especially the hospitality business, from March 2020. The lockdown for seven months of our Hotel assets brought down unprecedentedly room sales to their lowest ebb in history.
Secondly, the value of one of the Subsidiaries’ Assets amounting to N5.1billion was impaired (Investment Property N4.63billion, work in progress N473million) due to notice of revocation issued by the Lagos State Government on the Investment Property. The Company has however challenged this in Court, and hopeful that the case will be resolved in its favour.
Despite this result, the Company remains solvent, and the fundamentals remain strong. With strategic responses of the Board of Directors and Management, coupled with the availability of Covid-19 Vaccine, the business will hopefully steadily pick up.
Barring any unforeseen circumstances, Ikeja Hotel is set to return to its leading position as the Nigerian hospitality business’s flagship.
Ikeja Hotel Plc is a hotel development and management company with direct or indirect ownership of Sheraton Lagos Hotel, Sheraton Abuja Hotel and Federal Palace Hotels & Casino.
The company targets the leisure, business and convention markets in Opebi, Ikeja and Lagos. Sheraton Lagos Hotel has 340 guest rooms and an impressive array of conferencing and recreational facilities, making it one of the largest hotels in Nigeria.
Sheraton Abuja Hotel has 575 rooms and conference, restaurants and recreational facilities. Sun International’s Federal Palace Hotel & Casino is a luxury 5-star hotel conveniently located in the heart of Victoria Island’s commercial district and boasts luxury accommodation, a casino, conference facilities and an array of restaurants, bars and recreational facilities.
Established in 1972 and formerly known as Properties Development Limited, the company changed its name to Ikeja Hotel Limited in 1980. The company’s head office is in Lagos, Nigeria.