[From left to right: Omer Kaddouri President and CEO of Rotana and Chief, Senator Annie Okonkwo, The Chairman of Topwide ventures Limited.]

Rotana has announced the signing of its first property in Nigeria under the brand Centro, located in Lagos, the country’s largest city. The 200 plus-key hotel & Serviced Apartments, launched in partnership with Topwide Ventures Limited, will be situated on Glover Road, Ikoyi, in the exclusive part of the Lagos city, in close proximity to major roadways, landmarks and business districts.

Rotana’s debut in Nigeria, projected to be the fastest-growing hospitality market in Africa over the next five years with 22.6 per cent compound annual gain, furthers the group’s strategic expansion plans in the African market and adds to its existing portfolio in the continent, which includes properties in Khartoum, the capital city of Sudan, and Sharm El Sheikh in Egypt. Rotana is also currently developing a hotel apartment project in Kinshasa, the capital of the Democratic Republic of the Congo, a 5-star hotel and serviced apartments in Tanzania which will be part of the landmark MNF Square mixed-use project in Dar es Salaam and a 5-star hotel in Mauritania located within the Ribat Al Bahar project under Rotana’s “Rayhaan Hotels & Resorts by Rotana” brand. This is in addition to many other projects under discussion.

“Despite being home to a flourishing hospitality industry, Lagos has the highest average rates on hotel accommodation in Africa. Centro Lagos fills this major gap in the industry and heralds a potential paradigm shift in the city’s hospitality scene,” said Omer Kaddouri, President & CEO of Rotana. “Africa is a vastly underserved market with huge potential for growth, and Rotana is very keen to expand its pipeline in the continent. The African region will remain a focus market for Rotana in the years to come as we move towards our goal of operating 100 hotels by 2020.”

According to Chief, Senator Annie Okonkwo, The Chairman of Topwide ventures Limited, “Rotana is a true pioneer in the hotel industry who has established a global reputation for creating world-class hospitality environments, and we are very proud to be introducing such an acclaimed brand to the city of Lagos. Once open, the new Centro hotel and Serviced Apartments will provide travellers a more accessible and affordable option right in the heart of Lagos, with the same high standards of elegance, comfort and convenience that guests have come to expect from a Rotana property.”

Centro is Rotana’s affordable lifestyle brand that redefines the concept of economical comfort by offering superior class accommodation and hospitality. Young and fresh in its approach, the Centro brand caters to the demands of the new generation of travellers who seek both finesse and functionality at reasonable rates.

With the launch of the Centro, Rotana is expecting to benefit from the rising demand for affordable hotels in Lagos while capitalizing on the continued strong economic activity across Nigeria. According to a 2012 report released by Citibank and global property firm Knight Frank, Nigeria is expected to have the highest average GDP growth in the world between 2010 and 2050.