HOTEL INDUSTRY IN NIGERIA

INTRODUCTION OFHOTEL INDUSTRY IN NIGERIA

 The hotel industry is a branch of the hospitality sector that focuses on offering lodging services to clients. There are many different hotel kinds, and they may often be divided into groups based on size, purpose, service, and price. Limited service, mid-range service, and full service are the typical divisions of service levels.

One being the lowest rating and five being the highest, the star rating system may be more recognisable to some customers. Business, casino, spa, extended stay, bed & breakfast, and other functions are included in some of the categories.

Up to the outbreak of the coronavirus (COVID-19) pandemic , the hotel and resort industry's global market size grew. After that, the market size drastically decreased.

The hospitality sector includes a variety of service industries, including restaurants, hotels, and the larger tourism sector (e.g. cruise ships). As one of the largest employers and contributors to the economy, it is important for both customers and employees to understand the ins and outs of this dynamic industry. 

HOTEL INDUSTRY IN NIGERIA SIZE AND FORECAST

The Hotel Industry in Nigeria accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

HOTEL INDUSTRY IN NIGERIAMARKET DYNAMICS

Because of a robust economy, expanding worldwide consumer spending power, and technology, Nigeria's travel and hospitality sector and hotel industries has been a significant source of revenue for the country's economy.

Since digital innovation has produced totally new travel categories and competitors, such as new housing models, ride-sharing, reservation apps, hotel and airline apps, and other new entrants, this growth has not been restricted to traditional travel and hospitality activities.In order to reshape the hotel and travel environment, these entrants and the established businesses in the sector have benefited from robust worldwide growth together. 

HOTEL INDUSTRY IN NIGERIARECENT LAUNCH

With the launch of the eagerly awaited Lagos Marriott Hotel Ikeja, Marriott Hotels, the signature of Marriott Bonvoy's portfolio of 30 unique brands, announced its entry into Nigeria.

The hotel showcases the newest global design philosophy for Marriott Hotels, with elegant and practical areas for today's modern traveller, allowing visitors to unwind, work, and discover inspiration while they are there.

With 1,380 square metres of elegant event space, including the largest ballroom in Ikeja, the Lagos Marriott Hotel Ikeja can accommodate both small and large-scale gatherings. Six breakout rooms and nine event rooms are available at the hotel.

The Lagos Marriott Hotel Ikeja is situated in the centre of Lagos, 15 minutes from Murtala Muhammed International Airport, and close to the third main land bridge, which makes it simple to access the Ikeja neighbourhood on the other side.

With 1,380 square metres of elegant event space, including the largest ballroom in Ikeja, the Lagos Marriott Hotel Ikeja can accommodate both small and large-scale gatherings. Six breakout rooms and nine event rooms are available at the hotel.

With a locally developed listing platform for short-term apartment rentals and experiences, one of Nigeria's largest hotel players is competing with Airbnb. This month, Transcorp Hotels introduced Aura, a mobile booking platform that enables business owners to advertise vacation rentals, tours, activities, and restaurant reservations for booking.

Some of the biggest properties in the nation, including Transcorp Hilton Abuja and Transcorp Hotels Calabar, are managed by Transcorp Hotels. It is a three-decade-old subsidiary of the multinational corporation Transnational Corporation of Nigeria with a focus on agriculture and energy.