The report titled “2023 Lagos Development Pipeline Report Hospitality Overview: How does the business sector drive the hospitality industry?”, noted that despite the pandemic-triggered volatility, the real estate market has remained resilient with bright spots emerging across the majority of the sectors reviewed.
It said, “Notably, the hospitality sector has emerged as one of the best-performing sectors despite speculations of an oversupply, with its revenue per available room outperforming key global hubs such as Dubai, London and Hong Kong. The residential market too continues to record unprecedented demand in the low to mid-level segments of the market, effectively outweighing supply.”It added, “Data from W Hospitality Group indicates that average occupancy rates peaked at 68.
“This performance has been attributed to pent-up demand, especially from the business sector as well as domestic tourists against the backdrop of a recovery post-pandemic with businesses contributing up to 77 per cent of Lagos hotel demand according to a survey by W Hospitality Group. This momentum is set to continue in 2023 despite speculations of an oversupply, with the development pipeline accounting for approximately 36 per cent of total stock.
The Director General of Nigerian Tourism Development Corporation, Folorunsho Coker, noted that the hospitality industry had recovered by 60 per cent and the global recession was holding back the growth of the hospitality sector. He said, “A global recession holds everything back and disrupts capital and supply flows. There is a high level of unemployment, fewer earnings, less spending power and holidays not being a priority.”
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