Construction has begun on a 25-storey hotel property in Lagos, Nigeria. The project is being undertaken by Transcorp Hotels which is one of the largest publicly quoted hospitality group in Nigeria.
The Chairman of the Group, Mr. Tony Elumelu revealed that the plan of constructing the 25-storey property was decided on since Lagos is Nigeria’s commercial capital and West Africa’s largest economy; hence will lead to the creation of jobs and also attract more tourists.
25-storey hotel in Lagos
“We are planning to build a 25-storey hotel in Lagos and will meet the governor and discuss with him on how we can get their support. We want to do this project to further create jobs for the people of Lagos state,” he said.
When completed, the hotel will be competing with Milan Group’s Intercontinental Hotels, Radisson Blu, and Eko Hotel.
Transcorp Hotels recently announced its reports, citing 8.5% growth in its financial year profit. They have a vision of becoming the premier hospitality company in Africa creating maximum and sustainable value for our stakeholders. They also intend to build Africa’s choice hospitality assets underpinned by excellence, entrepreneurship, and execution.
Occupancy hotel growth
In a recent report by HTI Consulting, in terms of occupancy hotel growth, Lagos and Accra led the 14 African cities assessed (vs. Cape Town and Lusaka in 2016) as the gradual economic recovery in the countries saw both the cities benefit from increased business demand. Growth in Lagos came off a low base, however, and, in light of more positive economic projections, should see future occupancy rates boosted to former highs.
The same report revealed that the economic recovery in Nigeria saw the number of room nights sold in its capital city, Lagos, increase by 17.6% in 2017. This significant increase offsets the 2.5% growth in supply.