Sujimoto Group has unveiled plans to build a 49-storey luxury hotel, Isabella de’ Medici by Sujimoto, which it says will become Nigeria’s tallest and most luxurious hotel.
The company announced the project as it moves to complete its flagship Lucrezia by Sujimoto residential development on Banana Island, Lagos, where homeowners have begun taking possession.
According to Sujimoto, the proposed hotel will combine luxury hospitality, leisure and private hotel-suite ownership, allowing investors to acquire individual suites for personal use or for participation in a professionally managed rental pool.
Named after Isabella de’ Medici of the influential Italian Medici family, the project draws inspiration from Renaissance Florence and is designed to position Lagos as a destination for international luxury tourism.
The development is expected to feature a sculptural KRION façade, a grand lobby aquarium billed as potentially Africa’s largest, a hanging infinity pool on the 35th floor, international restaurants, luxury boutiques, wellness facilities, a private cinema, casino, billiards lounge and sky bar.
Sujimoto said its ambition is to compete with global hospitality brands including Four Seasons, while showcasing African hospitality.
Hotel Suites From $150,000, 20% Projected Yield
The company is introducing a private ownership model that will allow investors to own 45-square-metre deluxe suites starting at $150,000 during the pre-launch phase.
Sujimoto said the price is scheduled to rise to $210,000 at groundbreaking and could hit $600,000 upon completion.
Founding investors will have the opportunity to name their suites and enjoy up to 21 days of personal use annually, subject to the terms of the managed rental pool.
The company projects annual rental income of up to $30,000 on a $150,000 suite, representing a 20 per cent yield, and return on equity of up to 300 per cent by completion.
It however noted that the projections are estimates and not guaranteed, as actual performance will depend on occupancy rates, operating expenses, management fees and market conditions.
Lessons From Lucrezia
Speaking on the project, Group Managing Director of Sujimoto, Dr Sijibomi Ogundele, reflected on challenges encountered during the Lucrezia development, including rising construction costs, exchange-rate volatility, borrowing obligations and regulatory hurdles.
The company said it installed 112 piles beneath the Banana Island project but admitted its financing structure was not sufficiently protected against economic shocks.
Sujimoto said lessons from Lucrezia have prompted stricter financial controls for Isabella, including more prudent borrowing, aligning commitments with available funding and introducing financial safeguards at construction milestones.
Lucrezia is a 15-storey luxury residential development featuring 600-square-metre four-bedroom maisonettes and premium penthouses.
The company cited the appreciation of a Lucrezia unit purchased for about N650 million to a current offer of N5 billion as an example of potential value growth, though the figures were not independently verified.
Ogundele has led several luxury developments including Leonardo by Sujimoto, Sujimoto Twin Tower and Queen Amina by Sujimoto.
Sujimoto said Isabella represents its latest move to expand beyond luxury residential real estate into large-scale hospitality.
