Federal Palace Hotel
Ownership
Established in 1960 to provide accommodation for dignitaries visiting Nigeria as part of the independence process, it was constructed and originally owned by the A. G. Leventis Group. The hotel was acquired by the Nigerian government in 1964 and went through a series of managers in the following years, falling into disrepair and partially recovering. In 1992, the government sold the hotel to the Ibru family (via Ikeja hotel Plc) for $50M, outbidding the Daewoo corporation of South Korea. In 2007, South Africa hospitality and gaming company Sun International purchased a 49% stake in the hotel, and became the hotel's operator. In 2019, Sun announced that it planned to sell its stake in the hotel due to disputes within the Ibru family over hotel leadership. In 2024, Sun sold 43% of its stake to an entity associated with the family of Alex Ibru.
History
When Nigeria gained its independence from Britain in 1960, it was in the main boardroom of the newly constructed Federal Palace Hotel that Nigeria's independence declaration was signed. This boardroom is now one of the main features of the hotel's casino. The official celebration of Nigeria's independence took place in the hotel's Independence Hall, which, also in 1977, hosted the summit of heads of state of the Organization of African Unity and the Festival of African Arts and Culture (FESTAC).
See also
References
- ^ "5 Star Hotels in Victoria Island, Lagos | Federal Palace". Hotels, Gaming and Entertainment Group. Retrieved 3 January 2021.
- ^ "How the Federal Palace got its groove back | JetLife NigeriaJetLife Nigeria". 12 April 2015. Archived from the original on 12 April 2015. Retrieved 17 April 2024.
- ^ FORREST, TOM. “THE RISE OF TWO CONGLOMERATES.” In The Advance of African Capital: The Growth of Nigerian Private Enterprise, 131–44. Edinburgh University Press, 1994. http://www.jstor.org/stable/10.3366/j.ctv1vtz7vv.11
- ^ Intel, Estate. "Sun International edges closer to sale of Federal Palace Hotel in Lagos - Real Estate Market Research and Data for Africa - Estate Intel | Estate Intel - Real Estate Market Research and Data for Nigerian and Africa". Estate Intel. Retrieved 17 April 2024.
- ^ "Sun International to sells its investments in Tourist Company of Nigeria". Africa CEO Voices. 3 September 2019. Retrieved 17 April 2024.
- ^ Olujinmi, David (14 April 2024). "Sun International to sell off shares in Federal Palace Hotel and Casino". Nairametrics. Retrieved 17 April 2024.
- ^ "A new Independence Hall". The Nation. 4 March 2016. Archived from the original on 4 March 2016. Retrieved 17 April 2024.
- ^ "N5.6bn New Federal Palace Hotel for Launch Today", Financial Nigeria, 31 July 2008.
