UPDC Hotels is the project company which is majority owned by the sponsor, UPDC - a Nigerian property development and management company, which engages in the acquisition, development and management of residential and commercial property and listed on the Nigerian Stock Exchange, Lagos. UPDC is an associated company of UAC of Nigeria PLC (UACN), which owns 46% of the UPDC.

The total project cost is estimated up to $32 million. The proposed IFC investment is estimated up to a maximum of $11.0 million A loan for IFC’s own account.

11.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	11.0
Equity

* These investment figures are indicative

The project is located at the current Festac ‘ 77 Hotel site, within Anuwo Odofin Housing Estate. The hotel is well situated in a busy mixed use (residential, commercial and light industrial) area of Lagos, close to the airport, the seaport, some major markets and the main road into Nigeria from the Republic of Benin.

This is a Category B project according to IFC''s Procedure for Environmental and Social Review of Projects, because a limited number of specific environmental and/or social impacts may result which, can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. Hard copies of the environmental documents are available at the same locations as hard copies of this Summary of Project Information. If you are viewing this Summary of Project Information online, click here to view the environmental documents for this project.
Location of environmental documents in locally affected community
The documents will made available at the following locations: - the IFC country office: Maersk House, Plot 121 Louis Solomon Close, Off Ahmadu Bello Way, Victoria Island, Lagos, Nigeria; - the UACN Property Development Co. PLC office: Niger House, 1-5 Odunlami Street, Lagos, Nigeria; and - the project site: the current Festac ’77 hotel site behind Mile 2.

IFC will provide long-term financing, which is not otherwise available, and will ensure the project is implemented in an environmentally sound manner. The project is expected to have the following key development impacts: - supporting the government’s privatization efforts through the rehabilitation of state assets and creation of employment; - facilitating business by providing quality accommodation at reasonable prices for local and international visitors; - providing quality retail, office and entertainment facilities to the local community, which is currently underserved.