Lagos has 5th Highest Hotel Average Room Rate – Real Estate Market Data and Research for Nigeria and other African Countries | estate intel

Lagos has 5th Highest Hotel Average Room Rate

HRG, Lagos has 5th Highest Hotel Average Room Rate

According to the latest Hotel Survey from HRG, supercities led the charge in global hotel room rate rises. Historically, average room rates (ARR) tend to be affected on a national basis, but this report demonstrated that this was no longer the case. Individual “supercities” (destinations popular for both business and leisure visitors) are increasingly becoming bigger players in a shrinking world.

In this year’s report Lagos, had the 5th highest ARR at £214.98 and sat with the likes of Paris, Zurich, Geneva and New York City. Moscow topped the list at £259.37.

Source: HRG; Top 7, Average Room Rates,

Source: HRG; Top 7, Average Room Rates

What’s also interesting is that Lagos was the only African city in the top 25. Nairobi followed in 27th place with Johannesburg and Cape Town following after. There is extensive development interest in the Nigerian leisure and hospitality industry with global hotel brands including Marriott, Grand Hyatt, The Luxury Collection and others keen on making an entrance. However, as the supply of hotel rooms grow, the sustainability of these high rates may not be as certain.

Source: HRG; Africa Snapshot

Source: HRG; Africa Snapshot

HRG Press Release Hotel Survey 2014