Jim Ovia, Nigerian Billionaire and founder of Zenith Bank, one of the top 5 banks in the country, signed a deal in 2012 to deliver Waterfront Marriott Lagos Hotel to Victoria Island, Lagos, Nigeria. The agreement was signed in November of 2012, between Jim Ovia’s Quantum Luxury Properties Limited (Quantum Capital) and Marriott International. The promised Marriott Lagos hotel with 150 luxury rooms, 12 floors and an infinity pool, was planned for development on the Ozumba Mbadiwe stretch, next to Jim Ovia’s Civic Center and Towers. Marriott Lagos would have competed strongly with Radisson Blu Anchorage Hotel and Oriental Hotel, both located on Ozumba Mbadiwe. Marriott Lagos was to have launched in early 2015.
Based on information we have accurately gathered, Jim Ovia opted instead to construct office and residential towers at the waterfront land next to Civic Center, the planned development location for Marriott Hotel. We commend the strategic move considering the economic conditions that erupted in Nigeria in 2015. Since 2015, the hotel industry in Nigeria has taken significant financial hits. Intercontinental Hotels Group pulled out of Intercontinental Lagos and Radisson Blu shut down for months during the recession of 2015.
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