- Name: Protea Hotel Select Owerri;
- Developer: Capital Alliance Property Investment Company (an African Capital Alliance managed fund);
- Location:Plot H/1 Nekede Pocket Layout New Owerri, Protea Road Owerri Nigeria;
- Use: Hotel;
- Keys: 90+;
- Project Team: O’Spaces Nigeria Limited, HOS Consult;
- HVAC Contractor: Tecnicool Nigeria;
- Opening Date: October 2017.
The Capital Alliance Property Investment Company (CAPIC), a fund managed by African Capital Alliance, will add another hotel to their portfolio of real estate assets with the delivery of a Protea Hotel in Owerri in the final quarter of this year. The 90+ key hotel is located in the Nekede Pocket Layout in New Owerri, Imo State and will be branded a Protea Select by Marriott.
The launch of this hotel feeds into CAPIC’s wider strategy to increase the availability of quality, affordable business accommodation in the country through the delivery of multiple hotels under the Protea Select by Marriott brand. The fund currently owns a number of hotels including:
The Protea Hotel Select Emotan, a 87 key hotel located in Benin, Edo State, sponsored by CAPIC Hexagon, a joint venture between CAPIC and Hexagon Networks.
Protea Hotel Select Ikeja, a 117 key hotel that opened in 2014 as a result of a partnership deal made between CAPIC and the Skye Shelter Fund.
Protea Hotel Select Takarodi (Ghana), a 132 key hotel completed through a joint venture with local partners Mohinani Group and opened in 2016.
Most of the commercial activity in the relatively small South Eastern State is driven by oil and gas, small pockets agriculture and brewery by way of Nigerian Breweries. The State had a population of 4.3m people in 2009 according to projections made by the Nigerian Bureau of Statistics.
The Protea Hotel Select Owerri will come with the typical amenities including swimming pool, fitness centre and the project team includes HOS Consult, O’Spaces Nigeria and Tecni Cool. According to the Marriott Group, it is scheduled to open in October 2017.
The Capital Alliance Property Investment Company is a $165m fund established in February 2008 to invest in real estate and real estate related opportunities in West Africa. The fund has a 10 year life and invests in residential, retail, office and hospitality products throughout the region using equity and mezzanine instruments.