LAGOS | Lagos Intercontinental | 22 fl | Under Construction

[Tbite]

Lagos Intercontinental

Location: Lagos:
Floors: 22F
Price: 81 Million
Rooms: 362 Rooms
Scheduled for Completion Q4 2008

Render


Latest Press Release
81m Intercontinental hotel for Lagos * Skye Bank, Milan industries sign agreement

Skye Bank and Milan Industries have signed an agreement for the financing of 81 million US dollars' Lagos Intercontinental Hotel.
At the signing ceremony recently in Lagos, Mr. Kehinde Durosinmi-Etti, Deputy Managing Director of Skye Bank Plc, expressed delight at the relationship between the bank and Milan Industries.

He said the vision of the promoters, Milan Industries is to make the Lagos Intercontinental Hotel the most exclusive luxury hotel in Lagos. He explained that on completion, this will be the first luxury hotel serving business and leisure seekers from all over the world and will change the image of Nigerian hospitality industry.
Mr. Ramesh Valechha, Chairman of Milan Industries Limited, promoters of the project said that Milan Industries has entered into an agreement with the world renowned Intercontinental Hotel Group (IHG) to manage the hotel.

“IHG is a brand leader in the world and will give considerable mileage in the market in terms of branding and quality.
“The Intercontinental Hotel Group is the most successful hotel chain in the world with over 3,500 hotels and over half a million rooms under their management in over 100 countries across the globe”, Valechha said.

He explained that there was a need for a good quality hotel and Lagos Intercontinental will meet all expectations of the clients.
The hotel when completed, will have capacity for 240 standard rooms, 87 executive rooms and 35 junior and presidential suites, five top-class restaurants and meeting rooms and an exclusive auditorium. This 22 storey high-rise building has two basements parking with 300 car park spaces.

Valechha confirmed that the hotel will be completed on schedule and will be opened in the last quarter of 2008.
Analysts in the hospitality industry believe that the proposed Lagos Intercontinental will raise the standard of competition in the market.
In a related development, Mr. Akinsola Akinfemiwa, Managing Director and Chief Excutive Officer of Skye Bank Plc, has restated his company’s resolve to increase its stake in the housing and construction segment of the nation’s economy.

Akinfemiwa said that the intense competition in the banking industry in terms of traditional investments and core banking is pushing Skye Bank to explore other investment options to grow and remain relevant in the market.

“Invariably, the advent of universal banking seems to have expanded the financing and investment options of banks, especially in areas not regarded as core banking portfolios or business offerings. For us, financing of real estate development is for the purpose of strategic diversification of portfolio. We have made significant investments in real estate development lately through establishment of institutions and partnerships with housing corporations and private real estate developers. They also hope to generate healthy return on investment,” Akinfemiwa stressed.

The Skye Bank boss said the prospect is promising as the company now has substantial level of capital with which they can invest in housing delivery. “Furthermore, our involvement will create availability of residential houses and significantly reduce scarcity of houses in the country.”

Skye Bank Plc, a mega financial services institution has been in the forefront of financing housing development to improve the housing needs of Nigerians. The bank has provided financial support for the development of prime properties in Lagos, Cross River, Rivers and Ondo States, and the Federal Capital Territory (FCT), Abuja. It is also set to extend such development to other key areas of the country.

“In recent time, the bank has consistently made its mark in housing development in Nigeria through provision of real estate financing schemes. The bank has a long and chequered history in financing various types of housing projects across the country. Most of the projects are either financed solely by the bank or in partnership with other stakeholders in the real estate industry, including state governments,” Akinfemiwa reiterated.

Here come the Cranes and Scaffolding.

[9yja]

Good news Tbite,it sweet me!

[Mosi-oa-Tunya]

Tbite,

Please note that the article you posted states that the hotel will open in the 4th Qtr of 2008.

Article Quote:

Valechha confirmed that the hotel will be completed on schedule and will be opened in the last quarter of 2008.

Don't think it would open in Q1 2008 as it is already Q3 2007 and luxury hotels with 200-500 rooms usually take 18 months to 24 months to build.

[aoa]

Originally Posted by Mosi-oa-Tunya

Tbite,

Please note that the article you posted states that the hotel will open in the 4th Qtr of 2008.

Article Quote:

Valechha confirmed that the hotel will be completed on schedule and will be opened in the last quarter of 2008.

Don't think it would open in Q1 2008 as it is already Q3 2007 and luxury hotels with 200-500 rooms usually take 18 months to 24 months to build.

Whatever! Even if it opens in 2009, the most important thing is that the hotel is getting built. Being a realist is tolerable; being an unduly-pessimistic person reflects a deeper problem.

BTW, I will RESIST any attempt to flood this newly-created thread with negative posts such as yours.

[Mosi-oa-Tunya]

Originally Posted by aoa

Whatever! Even if it opens in 2009, the most important thing is that the hotel is getting built. Being a realist is tolerable; being an unduly-pessimistic person reflects a deeper problem.

BTW, I will RESIST any attempt to flood this newly-created thread with negative posts such as yours.

Don't get paranoid. This development does look realistic. After all there are several five-star hotels under-construction in Lagos and this one wasn't the first and certainly won't be the last one. Developments get delayed all over the world all the time and the fact that they have brought this one back after it was first proposed in 2004 is good news. Maybe it will finally get built like the Radisson Lagos which opens this year and was also delayed too.

[aoa]

Originally Posted by Tbite

Lagos Intercontinental

Location: Lagos:
Floors: 22F
Price: 81 Million
Rooms: 362 Rooms
Scheduled for Completion Q1 2008

Render


Latest Press Release
81m Intercontinental hotel for Lagos * Skye Bank, Milan industries sign agreement



Here come the Cranes and Scaffolding.

I can't wait for this hotel to open. The rendering looks great and the finished product should enhance Lagos' skyline

[Tbite]

Yeah, you are right Mosi. I got my quarters mixed up.

This is a sweet building. I'm not sure if the impact on the skyline will be too dramatic, but it's quite nice.

We need more renders. This render came out in 2005/2006 and we are now in the middle of 2007. There could possibly have been design changes.

[Kenguy]

...Very dignified.

[GregPz]

Lovely looking building!! Looks like it's in a part of the city that need rejuvinating so it should be a catalyst for other developments. Very good news for Lagos

[skytrax]

[Mosi-oa-Tunya]

Originally Posted by Tbite

Yeah, you are right Mosi. I got my quarters mixed up.

This is a sweet building. I'm not sure if the impact on the skyline will be too dramatic, but it's quite nice.

We need more renders. This render came out in 2005/2006 and we are now in the middle of 2007. There could possibly have been design changes.

There likely will be new renders as the height of the building was raised from 17F to 22F with more than 100 more rooms added to it since the previous announcement in 2005

[Artemis]

i am going to be pessimistic till we see first real pics from the site. the planning process took so long, i wont´ wonder if the investors move away from their idea like they have done before in 2005.

[aoa]

Originally Posted by GregPz

Lovely looking building!! Looks like it's in a part of the city that need rejuvinating so it should be a catalyst for other developments. Very good news for Lagos

Although the architectural rendering does not appear overwrought, it definitely towers over this nondescript (from my vantage point at least) street. I am not sure whether this is due to the manner in which the rendering is superimposed on an existing picture; for instance, the actual location could be one or two streets removed. Since the hotel probably would be built somewhere on Victoria Island, it definitely should exploit the views that this area of Lagos offers to its advantage. I hope that the experts thought about this important observation

[aoa]

Despite Mosi's tendency to nitpick, among others flaws, he/she actually is a formidable 'opponent' whom I would enjoy debating anyday without any hard feelings at the end of it all. He/she writes very well and coherently, often is dispassionate (although his posts can be inflammatory!!!!!!!), and routinely makes some good points regarding governance, people-centered development and the role of the state vis-a-vis the private sector. So, while Mosi's pessimism can literally cause mayhem, he/she is at least (somewhat) informed; one only wishes that this knowledge could be harnessed to raise the intellectual tempo herein Now, back to architecture.......................

[Tbite]

New Renderings of the Hotel

It should be U/C by now.

[Tbite]

Hotel Development: Construction begins on InterContinental Lagos

Construction has begun on InterContinental Lagos, InterContinental Hotels Group’s first property in Nigeria. The owning company, the Milan Group, is spending approximately $80 million on the prestigious project, which is set to be the tallest hotel in the country at 100 metres high.

The development, which is centrally located on Victoria Island, will cater for a steadily increasing number of business travellers arriving in Nigeria, as the country goes through a period of renewed investment in its infrastructure.

The development is a clear reflection of InterContinental Hotel Group’s confidence in the city, which is seen as a thriving commercial hub of Nigeria. Surrounded by creeks, lagoons and rivers, Lagos has undergone substantial development and has steadily witnessed a vast expansion of local industries.

In 1999 the United Nations predicted that the city's metropolitan area, which had only 290,000 inhabitants in 1950, would exceed 20 million by 2010. The new government is therefore focused on increasing investment in the city’s infrastructure to support this growth. International help came from the World Bank in 2006 when it granted US$200 million for the Lagos Metropolitan Development and Governance Project, aimed at improving urban areas.

Inbound travel is also on the increase with the World Travel and Tourism Council (WTTC) predicting that Nigeria's travel and tourism will grow 1.6% in 2007 and by 2.0% per annum, in real terms, between 2008 and 2017.

InterContinental Lagos will feature 230 Standard Rooms, each measuring 42 square meters, 87 Club Rooms, 31 Bay Suites, one Junior and one Presidential Suite. Food and beverage options include an all day dining restaurant with a view of a seven metre high waterfall, a 116-seater lobby bar, two speciality restaurants and a Garden Café.

A full health club including steam and sauna rooms, as well as a 22 metre swimming pool will allow guests to indulge in a state-of-the-art relaxation programme. Water sports and beach activities for both adults and children will be provided, offering guests the opportunity to take full advantage of Victoria Island’s beaches.

Top-of-the-range business facilities include IP telephony, wired and wireless connectivity throughout the hotel, and a 1300 square metre meeting room with seating capacity of 870. Board Room and Business Centre are available to guests along with five meeting rooms spread over 400 square meters.

IHG’s entrance into the Nigerian market will further strengthen its position within Africa, with two already existing InterContinental properties and current plans to open 10 hotels across the InterContinental, Crowne Plaza, Holiday Inn and Express by Holiday Inn brands by the end of 2010.

[pappy]

Nice renders. I hope there will be a massive construction boom in the surrounding areas.

[SE9]

Changed the title to 'Under Construction' !

[Carver02]

This is a great looking project!

Where in Lagos is it being built?

[pappy]

Originally Posted by Carver02

This is a great looking project!

Where in Lagos is it being built?

Victoria Island.