We have written about Ikeja Hotels before (November 5th IkejaHotels Cusp Of a Rally).
Ikeja Hotel Plc (IKEJAHOTEL) has recently shown promising signs of recovery amid the challenges faced by Nigeria’s hospitality sector. As of late 2024, the hotel reported gross earnings of ₦6.5 billion, driven by a resurgence in domestic tourism and enhanced customer services. This growth is reflected in a remarkable 30% increase in room occupancy rates, highlighting the effectiveness of the hotel’s strategic initiatives to improve guest experiences.
Despite persistent inflationary pressures and rising operational costs, Ikeja Hotel has demonstrated resilience, reporting a profit before tax of ₦1 billion, up from ₦700 million in the previous year. This success can be attributed to effective cost management and diversification of revenue streams, including catering and event management services.
With IKEJAHOTELS Elliot Wave Chart haven printed wave 4 at 6.9NGN region, we will be looking upwards for the wave 5 to unfold in a 5 waves pattern. The current move from sub wave 1 top (8.2 NGN) in 5 waves means that the developing correction is wave 2 with a target of 7.3 NGN where we expect that wave 3 will commence.
