Federal Palace Hotel is one of the top 10 hotels in Lagos, Nigeria, situated next to the Silverbird Galleria Mall in Victoria Island. Federal Palace Hotel is partly owned by The Tourism Company of Nigeria, of which Ghana-based Goodie Ibru is the chairman and his brother, late Alex Ibru was a director. In 2006, Tourism company of Nigeria sold 49% shares in Federal Palace Hotel to Sun International. Sun International, an experienced property development company, invests in and manages properties in the gaming and hospitality industry; decided to foray into Nigeria with the purchase of Federal Palace Hotel.
Sun International mainly focused on and operated businesses in South Africa, Latin America and other international markets. The multi-national company’s first foray into Nigeria came through Federal Palace Hotel and the Ibru Family. South Africa based Valli Moosa is the chairman of Sun International. In 2012, certain aspects of Federal Palace’s financial records were made public in a downward spiral of debt, unprofitability and corruption allegations after the death of Late Alex Ibru. By 2015, the business was run down and required significant renovations, negative reviews poured in on online ratings websites. By 2016, the management of Federal Palace Hotel began re-branding the hotel to Sun International. By 2018, Sun International hinted that they are 100% interested in selling off all their shares in Federal Palace Hotel in a bid to exit the Nigerian market.
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