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.

Looking ahead, Ikeja Hotel is poised for further growth, focusing on facility upgrades and marketing strategies aimed at attracting both local and international visitors. With a growing trend in domestic travel and an optimistic outlook for the hospitality industry, the hotel is strategically positioned to capitalize on these opportunities. Investors may find Ikeja Hotel’s proactive approach and commitment to enhancing its market position appealing as it navigates the path to recovery.

The Elliot Wave chart above shows that IKEJAHOTELS has completed wave 4 at 6.96 region which is 0.386 Fibonacci of wave 3. Wave 3 correction can be seen labelled as A-B-C-D-E.

According to the Elliot Wave theory, this means that more strength is expected in the wave 5 going forward.