Oba Otudeko’s Honeywell Group Snaps Up 14% Stake in Ikeja Hotel for N13.2 Billion
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One of Nigeria's biggest investment groups is making a fresh bet on hospitality real estate. Honeywell Group has acquired a significant stake in the company behind some of the country's best-known hotels.
Honeywell Group, founded by Nigerian businessman Oba Otudeko, has acquired a 14.12% stake in Ikeja Hotel Plc, the listed hospitality company that owns Sheraton Lagos Hotel, Sheraton Abuja Hotel and Federal Palace Hotel & Casino.
The transaction is valued at approximately ₦13.2 billion based on the company's market value at the time of disclosure.
The investment strengthens Honeywell's presence in Nigeria's hospitality and real estate sector while giving it a significant voice in the governance of one of the country's largest hotel operators.
It also signals renewed investor confidence in hospitality assets as travel and tourism activity continue to recover, with Honeywell expected to play a strategic role in Ikeja Hotel's future growth.
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