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Ovia’s Quantum Luxury Properties Partner Marriott Hotels to Change Lagos Skyline

By on November 25, 2012

Marriott Hotel, Kuala Lumpur, Malaysia


Zenith Bank’s largest shareholder, Jim Ovia is one of Africa’s richest men with a networth conservatively estimated to be $500 million.

The ex-bank chief who was forced to retire in 2009 as a result of CBN regulations hasn’t tired of the deal. Just last week, newswires announced Quantum Luxury Properties and Bethesda, Maryland based Marriott International have signed a multi-billion naira deal to bring the prestigious Marriott hotels to Lagos.

The planned 150 bedroom five-star hotel development will be located on Ozumba Mbadiwe, which is where Otudeko’s Radisson Blue hotel is sited and also hosts Tinubu’s Oriental hotel.

We are proud to have the opportunity to partner with a world-class brand like Marriott,” Ovia said, adding that “the Nigerian economy continues to be an attractive destination for Foreign Direct Investments, particularly with the boom in the telecoms industry and the attractiveness of the banking sector.”

The hotel is slated to launch in 2014.

Marriott International, Inc. is an American diversified hospitality company which operates franchises, and licences hotels and corporate housing properties worldwide.

As at December 30, 2011, it operated, franchised, or licensed 3,718 lodging properties with 643,196 rooms, in over 73 countries and territories around the world.

Marriot is listed on the New York Stock Exchange (NYSE) and had revenue of $12.1 billion and net income of $198 million, in 2011.