The agreement, which was signed at AHIF 2016 in Rwanda, is set to open in 2023 and joins Hilton’s growing African portfolio of more than 80 properties trading or in the development pipeline, which will see Hilton more than double its presence across Africa in the next three to five years, said the hotel group in a statement yesterday.

“With a population of more than 16 million, Lagos is the seventh-fastest growing city in the world and the second largest in Africa, with much of the nation’s wealth and economic activities concentrated here,” said Patrick Fitzgibbon, Senior Vice-President, Development, EMEA, Hilton Worldwide.

“Strong growth is forecast for both domestic and international travellers using Murtala Muhammed International Airport, so this exemplary new hotel will be well placed to meet traveller’s needs, offering an unparalleled level of design, comfort and service,” he added.

The hotel will be situated within close proximity to Ikeja, the capital of Lagos State, as well as the passenger terminals at Murtala Muhammed International Airport, which services travellers flying to hundreds of destinations around the world.

Mr. Sam Iwuajoku, Chairman and CEO of QUITS, said: “The signing of the agreement to open Hilton Lagos Airport is testament to a period of exciting growth and development for Lagos.

“Our plans to build an exceptional hotel at the international airport will revolutionise the traveller experience and also offer a state-of-the-art choice for conferences, meetings and events.

“We look forward to a very successful collaboration with Hilton Worldwide on this outstanding development.”

Hilton Lagos Airport will comprise 350 guestrooms, of which 72 are suites, an executive floor and multiple food and beverage outlets, including a restaurant serving international cuisine; a specialty restaurant; a fashionable rooftop cocktail bar; and a hip night club.

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Amid high rate of foreclosures, loan defaults and stressed assets in the financial market, an Abuja-based independent real estate consultant is establishing a first-of-its-kind property auction in Nigeria to sell distressed and non-distressed assets at almost half the price of their value.

The auction market offers a chance to buy property at a low price. Reportedly, auctions are the proven and popular way of buying and selling properties in many countries such as Australia, New Zealand, UK and the US owing to their speed, certainty and simplicity.

Under the platform, Real Estate Auction Network has unveiled plans to dispose three prime property valued at N8.9 billion at half the price. The property all located in Abuja include, Royal Tropicana Hotel valued N5.5 billion, auction price N2.5 billion; and Mall valued N2.5 billion, auction price N750 million and Filling Station with shopping mall valued N850 million, auction price N350 million.

Chairman of the Auction Network, Felix Osuji, described the offer as an outstanding opportunity to own properties in the Federal Capital Territory, “Auctions like this are great opportunities for owner occupants and investors to name their price on properties with great upside potential.

“Auctions continue to be the number one asset disposition strategy for banks, corporate bodies and individuals all over the world. With registration for the auction already commenced.”

According to him, interested bidders and buyers in the auction scheduled for August 20, could view the properties by attending one of the on-site inspections scheduled from July 30 to August 6 and 13, 2016.

One of the banks involved in the auction process and a Regional Manager, Abubakar Mohammed, said: “We are using the auction to dispose these properties. This would not only provide buyers with a quick sale but also assure them of that the properties will close.”

Real Estate Auction Network is an asset acquisition and disposal organisation that have worked on auctions with banks, brokers and agents, real estate developers, individuals, REITS, Fortune 500 corporations and others.

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