Ikeja Hotel posts N1.74bn loss as COVID-19 hits patronage
Ikeja Hotel Plc has reported a loss of N1.74 billion for the 2020 financial year, compared to a profit of N834.95 million in the previous year.
The company disclosed this in its unaudited financial statements obtained by MarketsReporters from the Nigerian Stock Exchange.
Its revenue plunged to N5.07 billion in 2020 from N12.52 billion a year ago as patronage took a hit from the impact of the COVID-19 pandemic.
Ikeja Hotel said on its website that it has direct or indirect ownership and control of three of Nigeria’s five-star hotels – Sheraton Lagos Hotel, Sheraton Abuja Hotel, and Federal Palace Hotels & Casino.
