December 2, 2014

Diamond Bank seeks to recover N27bn on Ikoyi Hotel Development

Dolapo Omidire

According to reports, Diamond bank has approached the Federal High Court, Lagos for an order to sell the uncompleted luxury hotel buildings in Ikoyi/Modupe Alakija Crescent. The hotel development, which is now going to be operated by The Luxury Collection, was initially meant to be operated by Le Meridien. Both hotel brands are owned by the Starwood Hotel Group, a global hotel company that owned, managed, or franchised 1,162 properties as of December 2012.

Castles Nigeria, explained that the suit was filed against Robert Dyson & Diket Limited, SIO Properties Limited, Chief Sonny Odogwu and 3 other parties. The purpose of the suit is to help Diamond Bank recover the sum of N26.229bn which was advanced to the first of the three defendants for the Luxury Collection Hotels and Apartments (formerly Le Meridien Grand Towers). This is coming just a week after the Carlyle Group, a U.S. private equity firm announced that it would spend $147 million to take an 18 percent stake in Diamond Bank Plc.

The case has been adjourned to the 12th of December 2014.

The Luxury Collection Hotels and Apartments, Formerly Le Meridien. On hold. Image Source: ITB Nigeria.
The Luxury Collection Hotels and Apartments, Formerly Le Meridien. On hold. Image Source: ITB Nigeria.

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