The hospitality sector was only just starting to recover from the pre-ebola and recession dips of 2015 and 2016. Data from W. Hospitality Group shows the impact of the COVID-19 pandemic has led to a crash in occupancy rates in Lagos from 45% to 15% in January 2020, which is a much more significant impact than the effectively controlled Ebola outbreak that crashed occupancy rates in Lagos to 45% in 2015 from 62% in 2013.
Lagos State currently has up to 10,000 quality hotel rooms including large international brands and much smaller indigenous or boutique players. Most of the assets are owned by High Network Individuals or large domestic institutional investors and a few key examples include Avalon Intercontinental, Uraga Real Estate, Eko Hotels Group, Tourist Company of Nigeria, and Ikeja Hotels PLC among others. With this in mind, we have decided to profile our favorite ongoing and conceptual hospitality developments in Lagos State.
HAWTHORN SUITES BY WYNDHAM, ONIRU.