Hotel is fully functional, has 20 ensuite bedrooms, a bar, reception, gatehouse and generator room. Courtyard is paved, has a fence and gate.
It is located off a busy road which branches off the Benin-Onitsha expressway at Asaba, Delta State.
Title is a registered deed.

For more info, call Mr Emeka on 08134343680

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Am offering 15m that building needs total overhauling for it to compete with others in its class.. ..@poster confirm the structure is off Ibusa road, wanna check it out.

Please lets discuss on whatsapp Sir, 08134343680. Meanwhile that building is very good forget about how the pics look.

And yes it is Sir.

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[quote author=zamirikpo post=47949851]Am offering 15m that building needs total overhauling for it to compete with others in its class.. ..@poster confirm the structure is off Ibusa road, wanna check it out.

I'm sorry you have to step up your budget Sir. Were you able to locate it or should I assist?

Just got ur number I will call u tomorrow when I get back to asaba

Presently in Lagos.

Pls are u d owner

Okay Sir.
No, I'm just one of the sales agents.

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Couldn't make it back today, but I sent some one, who confirmed that the rooms need total overhauling.

I saw pictures

Downstairs no tiles, soaked walls, etc.. Not to mention the furniture, u know what am sayn if uve entered the place.

Am still willing but won't better my offer, I think I made a hasty decision with my initial offer.

The building is quite very very old. Even d toilets seats and all the wall tiles must go.

Quite frankly what am paying for is the land.

Of course, it will be renovated to suit the investor's taste. The required renovation is decorative in nature and not structural.

Let me do you a little analysis:
This property is for N25m.
You purchase it.
You spend N3m for renovation, thats 28.
You purchase a soundproof generator set for like N2m, thats N30m total cost.

These 20 rooms can fetch you 3k each a day thats 60k per day lets not talk about your profits from food and drinks.

You deduct expenses for diesel and wages for like 7 staff (gateman, receptionist, bar man, 2 kitchen people and 2 house keepers) @ like 15k per day.

This leaves you with a net profit of 45k everyday plus extra profit from your innovative ideas in food and drinks.

At 45k per day, every year, you make N16,425,000. In a year and eight months, ok lets say 2 years, you have recouped your N30m. Your returns from food and drinks is your extra glory.

I read the story of Yahoo today, one of the lessons I learnt is to be bold and take certain investment decisions at the right time.

Hope you find my analysis reasonable Sir.

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Nice analysis but that place needs far more than 2m.. ...from my lay man's perspective it needs another 10m to remodel it, cos its an old model type structure, that bungalow has to go completely

The roof would be removed, pillars have to come in, in fact entire remodelling.

Then on the returns u forget that Asaba has a lot of hotels and there's no way u would have full rooms everyday for a year to earn 16 million a year.

It would be easier to build on a fresh plot of land.

If u know of any plot in a choice location(easily abrasive) pls post here. It would be cheaper to purchase and build a straight forward modern structure that would attract the market.

Thank you.

In my analysis, I said N3m for renovation, that includes servicing the Acs, re-tiling the necessary areas and repainting.

Remodelling will be at the purchaser's discretion, we are offering 'as it is'.

Yes, Asaba has lots of hotels but remember they come in different grades -stars. A hotel of this grade which is not expensive will always have at least 90% full booking given its location and easy accessiblity. The roads are newly tarred and have drainages.

If you have Acs and customers are sure of using them from 6pm till 7am the next morning and you have excellent services coupled with good advertising, my brother you will always smile to the banks.

Your request has been noted and I will let you know if I come across such a plot.

Thank you for the appreciable level of interest you have shown in this property.

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Contact us at FKJ Ventures

19b Bola Ajibola street off Allen Avenue Ikeja Lagos

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Kolaa007@yahoo.com

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