Lagos N90b Oriental Hotel up for grabs

One of Lagos popular hotels along the Lekki corridor-Oriental Hotels is up for sale and estate agents are wooing prospective buyers and investors. The 4,734 square metre property has a price tag of $250 million or N90 billion.

New owners may emerge soon for the Oriental Hotel, a 12-floor structure on Victoria Island, Lagos, as the owners commences moves to divest from the hospitality industry.

The property situated on Lekki Road in the highbrow district is being sold outright by the marketing agent, an estate surveying and valuation firm in Lagos that preferred to remain anonymous. A price tag of $250 million or N90 billion has been placed on the property.

Although the ownership of the premium facility remains controversial, and associated with a top Lagos politician, the five- stars luxury functional waterfront hotel with Asian furnishing boost of over 170 rooms, which offer enchanting views of the Lagos Lagoon and occupies a 4,734 square metre land area.

According to reports, despite the uptick in new development, the hotel sector has not been spared from poor macro-economic headwinds in recent years and performance has been challenging, with revenue per available room declining.

At the weekend, The Guardian gathered that several inquires have been received from some investors. An official of the estate firm disclosed that interested buyer will write letter of intent and would be required to show Proof Of Funds (POF) or Bank Comfort Letter from their bank indicating that the prospective buyer has the funds to buy.

However, an uneasy calm pervaded the offices of the hotel as workers talked in hush tunes on the development. Most of them were lost and confused about their future, as the property owners are yet to hold discussions with them on the proposed sale of the hotel.

Essentially, the hotel has a variety of luxurious room such as the Classic Room, the Classic Superior Room, the Classic Deluxe Room, Junior Suite, Executive Junior Suite, Business Suite, Diplomatic Suite, Ambassador Suite, and Presidential Suite.

All Lagos Oriental Hotel rooms equipped with LCD flat screen televisions, wired and wireless internet access, individual air conditioning control, in-room safe, complimentary tea and coffee making facilities, luxurious bathrobes and slippers.

Facilities on offer include restaurants and bars, free Wi-Fi within the hotel, outdoor swimming pool, Japanese and Chinese cuisine, beautiful garden, open-plan meeting rooms and large conference halls.