South-West Nigeria, comprising Lagos, Ogun, Oyo, Osun, Ondo, and Ekiti States, continues to attract significant investment in the hospitality sector.
According to industry data, Nigeria ranks among the top countries in Africa for hotel development, with 48 new projects and over 7,300 rooms slated for completion in 2025.
Despite the growing supply, inflationary pressures remain a key consideration for both investors and consumers.
Lagos State recorded a headline inflation rate of 14.7% year-on-year in August 2025, the lowest in the region, while Ekiti hit 28.2%, Oyo 26.6%, Ogun 24.3%, and Osun 22.1%, according to recent reports from the National Bureau of Statistics (NBS) and the Nigerian Inter-Bank Settlement System (NIBSS).
Within this economic context, certain hotels in the South-West stand out for their strong performance. These properties are distinguished by guest ratings, room capacity, cost per night, and strategic proximity to key commercial, cultural, and tourism landmarks. The combination of these factors has positioned some hotels as preferred choices for both leisure and business travelers, driving occupancy and brand visibility.
Let’s take a closer look at the owners behind the region’s most popular hotels and explore how their investments, strategy, and operational excellence have shaped the South-West’s hospitality landscape.
- Owner-Taiwo Afolabi: Founder, CEO SIFAX Group
- Location-Lagos
- Hotel rating- 5-star
The Lagos Marriott Hotel Ikeja is owned by Mac-Folly Hospitality Limited, a subsidiary of Nigeria’s SIFAX Group, and is managed by Marriott International.
Dr. Taiwo Olayinka Afolabi is the founder and Chief Executive Officer of SIFAX Group, a Nigerian conglomerate with operations spanning maritime, aviation, logistics, oil and gas, and hospitality.
He established the company in 1988, guiding its transformation from a modest freight business into one of West Africa’s most prominent integrated service providers.
Located in the heart of Ikeja GRA on a 7,000-square-meter site, the 251-room, seven-story hotel was completed in May 2021, following a groundbreaking ceremony in 2014. Designed by G1 Architecture and constructed by Dori Construction and Engineering, the hotel blends contemporary design with global luxury standards.
Room rates range from approximately N583,635 ($378) for standard rooms to N3.9 million ($2,539) for the Presidential Suite. The hotel offers a full suite of amenities, including a grand ballroom for up to 1,000 guests, executive lounges, and a business center with boardrooms and meeting spaces.
