Kemi Olaitan in Ibadan
Sujimoto Group has unveiled plans for a 49-storey luxury hotel, Isabella de’ Medici, conceived to become Nigeria’s tallest and most luxurious hotel.
The project which will be in Lagos, according to the company, will combine luxury hospitality, leisure and private hotel-suite ownership, with investors able to acquire individual suites for personal use or participation in a professionally managed rental pool.
The announcement comes as Sujimoto moves towards completing its flagship Lucrezia by Sujimoto residential development on Banana Island, Lagos, where homeowners have begun taking possession of their properties.
The proposed hotel named after Isabella de’ Medici, a member of the influential Italian Medici family, draws inspiration from Renaissance Florence and is designed to position Lagos as a destination for international luxury tourism.
The Sujimoto Group stated further that the development would feature a sculptural KRION façade, a grand lobby aquarium described as potentially Africa’s largest hotel-lobby aquarium, a hanging infinity pool on the 35th floor, international restaurants, luxury boutiques, wellness facilities, a private cinema, casino, billiards lounge and sky bar.
It added that its ambition was to compete with leading international hospitality brands, including Four Seasons, while showcasing African hospitality.
Beyond hospitality, with the luxury hotel Sujimoto is introducing a private ownership model that would allow investors to own individual hotel suites rather than entire residential properties.
The company said prices for its 45-square-metre deluxe suites would begin at $150,000 during the pre-launch phase, with the price scheduled to rise to $210,000 at groundbreaking and potentially increase further as construction progresses.
According to the company, founding investors would have the opportunity to name their suites after themselves and enjoy up to 21 days of personal use annually, subject to the terms of the proposed managed rental pool.
It projected annual rental income of up to $30,000 on a $150,000 suite, representing a potential yield of 20 per cent while projecting returns on equity of up to 300 per cent by completion.
However, the company’s projected income and returns are estimates and are not guaranteed as actual performance would depend on factors including occupancy rates, operating expenses, management fees, market conditions and the final terms of the investment arrangement.
The company further outlined a proposed price progression from $150,000 at pre-launch to as much as $600,000 upon completion, depending on the stage of construction.
The Group Managing Director of Sujimoto, Dr. Sijibomi Ogundele, in a statement he personally signed, while reflecting on the challenges encountered during the development of Lucrezia, acknowledged that rising construction costs, exchange-rate volatility, borrowing obligations and regulatory hurdles had placed significant pressure on the project.
He disclosed that the group had installed 112 piles beneath the Banana Island development as part of its foundation engineering but admitted that its financing structure had not been sufficiently protected against economic shocks.
According to him, the experience had prompted it to adopt stricter financial controls for Isabella, including more prudent borrowing, aligning commitments with available funding, introducing financial safeguards at construction milestones and strengthening risk assessment.
Ogundele maintained that despite the difficulties, the group remained committed to completing Lucrezia and fulfilling its obligations to investors and homeowners.
Lucrezia is a 15-storey luxury residential development featuring four-bedroom maisonettes of approximately 600 square metres, alongside premium penthouses.
Sujimoto also cited the reported appreciation of one Lucrezia unit purchased for about ₦650 million to a current offer of ₦5 billion as an example of the potential value appreciation associated with its developments.
He said Isabella was conceived not merely as another luxury hotel but as a destination capable of attracting visitors from across the world.
The company’s vision draws on the legacy of the Medici family, whose patronage helped establish Florence as one of the defining cultural centres of the Renaissance.
According to Ogundele, the hotel’s architectural design and planned leisure facilities are intended to create a distinctive hospitality experience in Lagos.
The company said lessons from Lucrezia would inform the execution of Isabella, with a stronger emphasis on financial discipline, transparency and keeping investors informed throughout construction and eventual hotel operations.
Ogundele, who heads Sujimoto Group, has spearheaded several luxury real estate developments, including Lucrezia by Sujimoto, Leonardo by Sujimoto, the Sujimoto Twin Tower and Queen Amina by Sujimoto.
The proposed Isabella de’ Medici project represents the company’s latest ambition to expand beyond luxury residential real estate into large-scale hospitality and investment-driven developments.
While the company has outlined its architectural vision and investment projections, the project’s delivery timeline, financing arrangements and the independent verification of its projected returns remain important considerations for prospective investors.