Nigeria’s luxury hospitality market is growing steadily and quietly with strong investor confidence, regional business travel, and a growing appetite for premium experiences among Africa’s elite.
Despite a drop in overall ranking, Nigeria is now second on the 2024 Hotel Development Index with 7,622 rooms across 50 new hotel projects.
This is driven by the aggressive growth strategies of international brands like Marriott International, Hilton, Radisson Hotel Group, and Leva Hotels, with Lagos leading development and Abuja trailing in project execution.
Lagos, Nigeria’s economic capital and most populous city, remains the hotel investment hub, attracting global chains and local entrepreneurs. Its strategic location, international airport, and corporate presence have made it a magnet for luxury hotel development, particularly in Victoria Island, Ikoyi, and Ikeja. Abuja, the political capital, is stalled in pipeline projects, many of which are still in pre-planning stages.
Against this backdrop, many Nigerian business moguls, foreign investors, and regional conglomerates are behind some of the country’s most expensive hotels.
Here’s a listing in no particular order of fifteen owners redefining Nigeria’s luxury hospitality in 2025.
- Hotel owned: Movenpick Ikoyi
- Room rates/night: N285,000-N594,000
Mövenpick Hotel Ikoyi Lagos, formerly known as Southern Sun Ikoyi, is owned by Kasada Albatross Holdings, a Mauritius-based subsidiary of Kasada Hospitality Fund LP.
The property was acquired in December 2022 from South African hotel group Tsogo Sun, in a deal valued at $30.4 million, comprising $29.1 million in shares and $1.3 million in shareholder claim loans. At the time of the transaction, Tsogo Sun held a 75.55% majority stake, while a Nigerian group held the remaining 24.45%.
Following the acquisition, management of the hotel transitioned to the Mövenpick brand, part of the Accor Group, underlining Kasada’s strategic partnership with Accor to enhance hospitality standards across Africa and the Middle East.
Kasada Hospitality Fund LP was co-founded in 2018 by Olivier Granet and David Damiba, both veterans in hospitality and finance. Olivier previously served as CEO of AccorHotels Middle East and Africa, where he oversaw 200 hotels in over 30 countries. David brings over 25 years of finance and fund management experience across Africa, having led structured investments at Helios Investment Partners and Renaissance Asset Managers.
Now I know the owner of Bon Hotels and locations it extends. The price per night is actually for exquisite Business men. Wonderful piece very insightful