Nigeria Rises to Second in Africa’s 2024 Hotel Development Rankings

Nigeria has climbed to second place in Africa’s 2024 Hotel Development Rankings by room numbers, boasting 7,622 rooms across 50 hotels. This surge is driven by significant developments from major global hotel chains such as Hilton, Radisson, Marriott International, and Leva Hotels, with Lagos leading the expansion with five new hotel deals.

Egypt maintains its leading position with 26,241 rooms, followed by Morocco with 7,169 rooms. Other top contenders include Ethiopia (5,128 rooms), Cape Verde (5,056 rooms), and Tunisia (4,121 rooms). Kenya, South Africa, Algeria, and Ghana complete the top ten.

The 2024 Africa Hotel Chain Development Pipelines Report, sourced from the BuyLetLive 2024 Nigeria Property Price Index Report, reveals a positive trend across Sub-Saharan Africa, with an 8% increase in the total number of hotels and a 9% rise in available rooms compared to 2023.

Key Highlights from the Report:

• Sub-Saharan Africa Growth: The report highlights a significant increase in hotel development across Sub-Saharan Africa, with an 8% rise in total hotels and a 9% increase in available rooms compared to 2023. This growth signifies continued investment and expansion within the region’s hospitality sector, aligning with the broader growth trend in Africa’s tourism industry.
• Nigeria’s Strong Performance: Nigeria’s rise to second place is attributed to nine new hotel deals signed in 2023. Hilton and Radisson each secured three deals, followed by Marriott International with two, and Leva Hotels with one. Lagos has solidified its position as a key investment destination, hosting five of these new deals.
• Protea Hotels Expansion: Protea Hotels by Marriott is expanding its presence in Africa, with new properties in Nigeria (Ekpan Warri, Delta State) and Zambia (Lusaka International Airport). The Nigerian property features 69 guest rooms, three conference rooms, and recreational facilities, while the Zambian location offers 72 guest rooms, meeting rooms, and a restaurant. These additions bring Protea Hotels’ African portfolio to over 60 properties across nine countries, including Nigeria.
• Imo State Development: The Imo State government, in partnership with Afreximbank, Fidelity Bank, and other stakeholders, has signed a Memorandum of Understanding (MOU) to develop a 200-room Marriott Hotel. This project aims to further boost regional hospitality and tourism.
• Tourism Sector Growth: Nigeria’s tourism sector is projected for substantial growth, with Statista forecasting an annual rate of 11.23%, potentially reaching a market size of $5.6 billion. This growth is being supported by infrastructure projects like the Cross River State government’s entertainment center at Tortugal Island in Calabar, designed to attract tourists, create jobs, and stimulate regional economic development.

This surge in hotel development in Nigeria and across Sub-Saharan Africa underscores the increasing demand for hospitality services and the growing attractiveness of the region for global hotel chains seeking expansion opportunities.