According to a Facebook influencer, Chukwudi Iwuchukwu, Ekulo Group, a private-controlled business conglomerate, is developing a 170-room, 10-storey hotel project located on Ahmadu Bello Way, Victoria Island, Lagos.
The hotel which proposed name is Novotel has AccorHotels, a French multinational hospitality company, as the joint developer.
According to Iwuchukwu’s post on facebook, the facilities and amenities which will be provided in the Novotel hotel include: An all-day dining restaurant, A swimming pool, A pool bar, A lobby bar and A 400sqm meeting room.
Ekulo Group is owned by Anambra-born billionaire, Emma Bishop Okonkwo. He has been one of the biggest names in Nigeria’s FMCGs with products such as Goya olive oil, Titus Sardine, Eva wine etc.
The development’s location in Victoria Island is in close proximity to other prime areas in Lagos, Nigeria, such as Ikoyi, Lekki Phase 1, and Oniru.
Other hospitality developments in this area include Eko Hotels and Suites by Chagoury Group, Radisson Blu Anchorage Hotel by Radisson Hotel Group, and BWC Hotels Victoria Island.
Initially, the 10-floor development was meant to be ready by Q3 2024, but it has been pushed to Q1 2027 due to rising construction costs and macroeconomic pressures.
According to reports, the hotel will cost in the neighborhood of 1.5 billion naira or even more.
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