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.
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