Quote:Asking Price is $250million

The news came as a shocker to all who heard; that the Lagos Oriental Hotel, that sprawling oasis of premium hospitality nestling on the Victoria Island end of the Lagos Lagoon, is up for sale. Initially, many took it as a rumour until it was advertised on leading property website, thenigeriapropertycentre.com. According to the website which offers Nigerian property seekers an easy way to find details of property like homes, houses, lands, shops, office spaces and other commercial property, the promoters of the hotel want $250million for it. The advert was posted March 30th.

On the site, the Lagos Oriental Hotel was described as havinga variety of luxury rooms including 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. The post further stated, “Besides their enthralling original artwork and Asian furnishings, the rooms also offer enchanting views of the Lagos Lagoon. Each room comes with a coffee maker, complimentary bottle of water, a free mini bar, a secure safe box, a Bible, a directory and a few mailing envelopes.

Additionally, all rooms have flat LCD screens, individually controlled air conditioning units, and en-suite bathrooms. In the bathroom, guests are treated to the following complimentary items including: Sewing kit, shoehorn, a grooming kit comprising of a toothbrush, comb, shower cap, shampoo, shower gel, lotion, and a bathrobe with slippers. The room rates are inclusive of breakfast. All the rooms and suites feature refreshing drinks in the mini bar free of charge and replenished once a day.”

The hotelis also described as having several restaurants and bars, free Wi-Fi in all rooms and some public areas, an outdoor pool with varying degrees of depth that offers an opportunity for the family to play and cool off during sunny days while serving various local and international culinary options like The Mayumi which offers excellent Japanese cuisine; the Oriental Garden which offers Chinese cuisine; and the Five Cowries shop which extends out to the poolside, boasts an incredible view of the Lagoon and excellent coffee and pastries.

Since it began operations many years ago, the ownership of the Oriental Hotel has always been linked to the former Governor of Lagos State, Asiwaju Bola Ahmed Tinubu. Whether right or wrong, the powerful politician has never openly denied or identified with it. For a man who is not short of cash, and who still has Nigeria’s richest state, Lagos, in a viselike grip, what then could be the reason for wanting to sell the hotel?

Sources said the problem is not really with Tinubu but the management of the hotel which has not actually parlayed their experience and the investment into profitability. Another credible source said that selling the hotel may be an answer to dwindling revenue and with no end in sight, no thanks to the stifling economic situation.