I couldn't read through all but to me, the most important question first is location and do you have the land already purchased outside the 60m?
Land isn't beans. If you need to still purchase the land within the 60m, then forget it.

with that amount,you haven't get a plot of land at lagos island talkless of building an hotel on it.

pimplucious:
I am looking at investing in hospitality business but I’m not sure if 60Million naira will be adequate to erect a 20 room hotel and event hall with a capacity of about 500 people max.

Cause of the paucity of funds, I’m looking to make it a single story building such that hotel will be on the ground floor while the top floor will hold the event hall.

Engineers in the house do you think this amount will be enough to achieve this? Pls let’s have your expert opinion on this. Thanks in advance.

so I go rent hotel room and dey go dey do party for the next floor….. wow

pimplucious:
I am looking at investing in hospitality business but I’m not sure if 60Million naira will be adequate to erect a 20 room hotel and event hall with a capacity of about 500 people max.

Cause of the paucity of funds, I’m looking to make it a single story building such that hotel will be on the ground floor while the top floor will hold the event hall.

Engineers in the house do you think this amount will be enough to achieve this? Pls let’s have your expert opinion on this. Thanks in advance.

You will need roughly 200-250m to achieve this.

Ofemmanu1:
60m can do it, even if it's 10m sef.

It all depends on quality, aesthetics, taste, facilities and ratings.


Hotels are rated by Stars I e One star, Two stars and the latest one being Seven Star hotels so it depends on you.


Meanwhile, there are thousands of hotels with no stars in Nigeria and are still in business.

Thank you, very intelligent answer

pimplucious:
I am looking at investing in hospitality business but I’m not sure if 60Million naira will be adequate to erect a 20 room hotel and event hall with a capacity of about 500 people max.

Cause of the paucity of funds, I’m looking to make it a single story building such that hotel will be on the ground floor while the top floor will hold the event hall.

Engineers in the house do you think this amount will be enough to achieve this? Pls let’s have your expert opinion on this. Thanks in advance.

I'll kindly advise you to meet a quantity surveyor or cost engineer to prepare a bill of quantities or materials schedule and give a proper estimate on the cost of the construction project..

Gabcost:


I'll kindly advise you to meet a quantity surveyor or cost engineer to prepare a bill of quantities or materials schedule and give a proper estimate on the cost of the construction project..

And those of us wey done buy popcorn go come do wetin?

[quote author=omonnakoda post=120833609]
And those of us say done buy popcorn go come do wetin

Please kindly check your sentence/ phrase before typing.

pimplucious:
I am looking at investing in hospitality business but I’m not sure if 60Million naira will be adequate to erect a 20 room hotel and event hall with a capacity of about 500 people max.

Cause of the paucity of funds, I’m looking to make it a single story building such that hotel will be on the ground floor while the top floor will hold the event hall.

Engineers in the house do you think this amount will be enough to achieve this? Pls let’s have your expert opinion on this. Thanks in advance.

Check this architectural design website for information: https://www.architecturaldesignplan.com

Balo7leke:

Check this architectural design website for information: https://www.architecturaldesignplan.com

How does this work? You choose a design and they build it for you?

pimplucious:
I am looking at investing in hospitality business but I’m not sure if 60Million naira will be adequate to erect a 20 room hotel and event hall with a capacity of about 500 people max.

Cause of the paucity of funds, I’m looking to make it a single story building such that hotel will be on the ground floor while the top floor will hold the event hall.

Engineers in the house do you think this amount will be enough to achieve this? Pls let’s have your expert opinion on this. Thanks in advance.

not possible unless na very low quality hotel u wan build. You should budget 150mil

Tohsynetita1:
Wait!
Hospitality business? is it only hotel and Hall in view?
if it's hotel and Hall, know that you will need like 1 to 2 acres because of some things like parking space, unless you won't have one, which is bad for the business, a good hotel should have gym, bar, swimming pool etc. not just room like normal house and a mini game room. Those are what could bring people because make I no lie to you, if you don't have those things, you never ready for business.
2) Do people really make income in hotel business like that, I don't argue about event hall but hotel or guest houses, if their is no customer, don't forget that running cost continues ( cost like fuelling, cleaning, workers salary, Feeding, etc.
3) That's why only those that want to have properties added to what they have tries hotel business. It's not that lucrative unless you have least room around 50k daily and people troop in.
4)You can think of other businesses, could be importation, Exportation, Farming, Real Estate, just make sure you about people's welfare.
But you still want hotel, 60m can be enough. it depends on location, land size, structure to be built, Architecture salary, structural Engineer salary, Foreman income, workers' income,
But do you know 5 million can get you a land of 100 acre at 50k per acre. which you could do a crazy palm kernel farm or coconut, or cocoa, or plant trees.

bros money dey short-time hotel business ooh...
make he build 20 rooms guest house... na that one money dey

pimplucious:
Thanks guys, I’ve taken my time to read all the comments. Although I have decided to wait until after election before I commence with the project. Going by my budget and prices of building materials, I have decided to scale down to just 15 rooms and maybe a pool bar too. I have decided to do away with the even hall I have also spoken with some professionals here on NL who I think can handle t
he project.

Once I commence the project I plan on posting updates here on this thread. I hope I get a good headway by so doing. I must say I have read one or two comments with ideas on how to save cost.

instead build a guesthouse that you will run on short-time & lodging..
na that one money day pass...

MzErica:

Motel? As in brothel?

yes motel... money dey die.... ashawo business na oil money oniown

pimplucious:
I am looking at investing in hospitality business but I’m not sure if 60Million naira will be adequate to erect a 20 room hotel and event hall with a capacity of about 500 people max.

Cause of the paucity of funds, I’m looking to make it a single story building such that hotel will be on the ground floor while the top floor will hold the event hall.

Engineers in the house do you think this amount will be enough to achieve this? Pls let’s have your expert opinion on this. Thanks in advance.

As a few people have mentioned here,
Firstly get an Architect to produce a detailed design that will designed according to your budget,
And then a QS or Builder can use the drawings to give you a detailed Cost Estimate.
Regards