UPDC Hotels Limited

completed

The proposed project involves the conversion by UACN Property Development Company PLC (UPDC, hotel or the company) of a recently privatized hotel complex in Lagos, Nigeria, into: - a 432-room, three-star hotel, targeting the mid-market; - conference facilities; - a business center and health club; and - retail and commercial office space. The project is aimed at the large mid-market in Nigeria that would prefer not to stay in the four/five star accommodations available in Lagos and is underserved by hotels specifically targeted at that sector. UPDC Hotels Limited is the project company which is majority owned by the sponsor, UPDC—a Nigerian property development and management company, which engages in the acquisition, development and management of residential and commercial property. The project is located at the current Festac ‘77 Hotel site, within Amuwo Odofin Housing Estate. The hotel is well-situated in a busy mixed use (residential, commercial and light industrial) area of Lagos, close to the airport, the seaport, some major markets and the main road into Nigeria from the Republic of Benin. The total project cost is estimated at $32 million.