August 2, 2014 – Capital Alliance Property Investment Company (CAPIC) an ACA-managed fund, has announced the opening of Protea Hotel Select Ikeja. Protea Hotel Select Ikeja is the result of a partnership deal made between CAPIC and the Skye Shelter Fund, a real estate investment fund, to increase the availability of quality, affordable business accommodation in the country. The hotel also feeds into CAPIC’s wider strategy, which will see the additional launch of Protea Hotel Selects in Owerri and Takoradi, Ghana in 2015, to take advantage of the growing trend in real estate development across the West African region.
Protea Hotel Select Ikeja is strategically located in an under-served part of the Ikeja Central Business District in Alausa, which has no other branded hotel within a three mile radius. It is also conveniently located across the road from the Ikeja City Mall and the Lagos State Government’s Secretariat. Additionally, it is about 5 minutes away from the Oba Akran Industrial Area and 15 minutes away from the Murtala Muhammed International Airport.
With 117 fully equipped rooms, this international business hotel will cater to corporate travelers by providing a variety of room types with en-suite bathrooms, mini-bar fridges, satellite TV, high speed internet and tea/coffee making facilities. Its restaurant serves buffet breakfast, lunch and buffet dinner, with a strong focus on Continental and Nigeria Cuisine. Other hotel facilities include a 24-hour bar, a 50-delegate meeting room, ample parking, free Wi-Fi access and shuttle service. The hotel will be managed by Protea Hotel, the largest hotel operator in Africa and a member of the Marriott Group.
Commenting on the opening, Mr. Obi Nwogugu, the CAPIC Fund Manager stated: “We are excited to add Protea Hotel Select Ikeja to our chain of hotels; it complements our objective to develop hospitality infrastructure in under-served markets across Nigeria and West Africa and we are confident that it will meet the global standard of service and comfort demanded by our business travelers.” Speaking on the hotel management team, Mr. Patrick Ilodianya, the Managing Director of Skye Shelter Fund stated: “The partnership with Protea Hotel provides best practices in comfort, health and safety in our hotel and reinforces our commitment to consistently deliver international standards at the right price.”
ACA is currently investing out of its first real estate fund (CAPIC I), a $165 million private equity fund.