Sujimoto’s 49-storey Lagos hotel coming

Sujimoto Group has unveiled plans to build a 49-storey hotel in Lagos, with suites for sale to private investors at prices starting from $150,000.

The proposed Isabella de’ Medici hotel is expected to feature restaurants, wellness centres, luxury retail outlets, a private cinema, a casino, a sky bar and a swimming pool on the 35th floor.

The company said the project would mark its expansion into hospitality following the completion of its Lucrezia residential development on Banana Island, Lagos.

Sujimoto Group Managing Director, Dr Sijibomi Ogundele, said the hotel was designed to combine international hospitality standards with African influences.

“Our ambition is to rival Four Seasons in luxury and impeccable service, while showcasing the warmth, elegance and graciousness of African hospitality,” he said.

The company described the proposed development as a bid to create Nigeria’s tallest and most luxurious hotel.

However, it did not disclose when construction would begin or when the hotel would be completed.

The proposed hotel would also feature a lobby aquarium, international dining facilities, a billiards lounge and other leisure amenities.

Sujimoto said individual hotel suites would be sold to private investors, with prices starting at $150,000 for a 45-square-metre deluxe suite.

According to the company, buyers would be able to use their suites personally or place them in a professionally managed rental pool.

It projected that a suite could generate annual rental income of up to $30,000.

The projected returns have not been independently verified and would depend on occupancy rates, operating costs and prevailing market conditions.

Ogundele acknowledges Lucrezia challenges

Ogundele also acknowledged that the development of Lucrezia had exposed the company to financial difficulties arising from foreign exchange fluctuations, rising construction costs and borrowing obligations.

He said the experience had revealed weaknesses in the company’s approach to financing large-scale construction projects.

“We had engineered the building to withstand extraordinary pressure, but had not given its financing the same margin of safety,” he said.

According to him, the financial challenges affected investor confidence and raised concerns among homeowners waiting for the completion of their properties.

“Their doubts were justified. They had purchased homes, not explanations for our difficulties,” he said.

Ogundele said the company continued with the project despite government policy challenges, unforeseen changes and mounting costs.

“But our word was not ours to abandon. We bore the burden, stayed the course and brought Lucrezia to completion,” he said.

Company promises tighter financial controls

The managing director said Sujimoto planned to apply lessons from Lucrezia to the proposed hotel project through stricter financial controls and improved risk management.

He said the measures would include prudent borrowing, matching financial commitments with available funding and introducing safeguards at different stages of construction.

“At Isabella, that means prudent borrowing, commitments matched to available funding, financial security safeguards at every construction milestone, and rigorous risk assessment and mitigation,” he said.

Ogundele added that the company would need to demonstrate improved project delivery and maintain communication with investors from construction to hotel operations.

He said the proposed development would test the company’s ability to manage a larger project with better financial planning and greater accountability to investors.

The Isabella de’ Medici project is Sujimoto’s proposed entry into the hospitality sector after its residential development on Banana Island, Lagos.

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