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Skye Shelter Acquires stake in SKYE CAPIC
Skye Shelter Acquires stake in SKYE CAPIC The Fund is set to branch out into the hospitality sector by acquiring a 25% stake in the construction of Protea Select Hotel, Alausa. It will be a three-star.International Business Hotel with construction to commence in January 2011 and lasting 24 months. All regulatory approvals have been obtained.

The Protea Select Hotel aims to create a sophisticated yet welcoming living environment comprising 125 rooms with all necessary supporting systems, restaurant, bar, fitness centre, swimming pool, conference room and ample secured parking.

A local market survey conducted by W Hospitality Group (specialist advisory firm in the hotels, tourism and leisure industries) and the financial projections indicates that the project has strong prospects of economic success.

This investment is in line with the Fund manager’s strategy to diversify from the residential sector as it expands aggressively. The Fund will continue to seek to invest in high quality residential properties at discounted prices in target areas of Lagos, Port-Harcourt and Abuja. This will ensure its consistent delivery of returns to unitholders in the coming years. >