The PricewaterhouseCoopers (PwC) Hotel Outlook for 2018-2022 has projected that the hospitality market in Nigeria will experience a compound annual increase in the next 5 years. And Sijibomi Ogundele, the CEO Sujimoto, a luxury real estate is ready to take advantage of that as he is set to redefine the Nigerian Hospitality and Commercial space.
‘We have toured some of the best hotels in the world such as the Address Hotel, Downtown Dubai, the Baccarat Hotel in New York City, and the Dorchester Hotel in London. Sujimoto is building the S-Hotel, African hospitality with a Four Season services. We are building a hotel that is Customer addictive, where putting the customer 1st becomes our priority, from Janitor to General Managers.
Three fundamental qualities separate the S hotel from others: Design, Price, and Service. The plan is, he said, is to get rid of mediocre experience in the hospitality industry, building one luxury hotel at a time.
The focus, therefore, is to build one luxury hotel in the State capital city of every African country, starting from the six geopolitical zones of Nigeria. The plan is before 2030, we would have built over 100 luxury hotels with 16,000 rooms, worth $1.9 billion in the portfolio, a move which will bring the company’s overall worth to over $5 billion in 10 years.
In addition to the company’s expansion plan, Ogundele revealed that Sujimoto is building a world-class Plaza, first of its kind, in Ikoyi and Abuja, with a 2021 and 2022 projection for completion.
This 6-in-1 Plaza by Sujimoto is a contemporary one-stop-shop retail and hospitality center, featuring innovative state-of-the-art equipment, rooftop lounge, and bar, premium restaurants, world-class gym, retail shops other premium features.
Upon completion, each project should be valued at approximately N47 Billion, with a combined rental income of about N11billion annually. According to Mr. Ogundele, ‘By 2030, we hope to have completed 61 different malls and plazas in Nigeria and across major African cities, a portfolio worth about $3billion.”
Despite the huge effect of the COVID-19 on businesses and economies, where banks have put a halt to every construction project, Sujimoto just raised N3.5 Billion for the Lucrezia which is sold out with just 2 units left! According to Sijibomi Ogundele, “at Sujimoto, we do not see a recession, because for us crises are opportunities disguised as problems. We have developed a highly viable and profitable strategy and found an opportunity for savvy investors to invest N5 billion into Sujimoto and get N10 billion back in 3 years.
“This is debt and not equity, and it is guaranteed. Treasury bills and other money market instruments will give you a 5 – 10% ROI on your investment but this is 100% ROI and it is guaranteed! This investment is not for everyone, it is only for the vital few, who can identify opportunities when they see one.”
One of the reasons why Sujimoto can stand out and guarantee good price and quality is the strength of the company’s procurement capacity and global reach.
Mr. Ogundele explained that “We don’t use 3rd parties when it comes to projects; we speak directly to the manufacturers because we want to guarantee two fundamental things – prudent spending and assurance of quality.”
With offices in Dubai, Gwanzo, and New York City and numerous ambitious projects, one wonders what Sujimoto Group will be worth in 10 years to come.
“Our biggest motivation is our critics because, without them, we couldn’t have come this far. There’s nothing we have today, that we got on a platter of gold. We worked two times harder, 3 times more, just to prove that without a rich Aunty or Uncle, you can get to your destiny,” Mr. Ogundele said.
Speaking on some of the challenges he has had to contend with in business, Mr. Ogundele recalled the event of 2016 and 2017 where he had conceived and developed the biggest project in Nigeria, over 90 Million USD to build the tallest residential building in Sub-Saharan Africa – the Lorenzo By Sujimoto.
“After all the investment in time, money, and passion, the recession hit badly, and investors pulled out. The economy was so bad that I had to refund hundreds of millions to our off-takers. Amid the chaos, like the phoenix that rises from the ashes, the Giuliano project was born!
“A project of terrace houses in Africa’s richest neighborhood – Banana Island. And 20 months after, the record-breaking Giuliano has metamorphosed from a proof-of-concept to a proof-of-product! Fully sold-out 6-Months before completion.” He boasted.
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