By Adedapo Adesanya
Dubai-based hotel owners and financiers, Barrows Hotel Enterprises, which provides hotel investment and advisory services for hotels in the Middle East and Africa, has indicated its interest to acquire distressed hotels in Nigeria and other West African countries and transform them into successful hospitality brands.
Barrows is focusing on hotel companies with an immediate need for liquidity and well-functioning management.
In a statement on Monday, the firm said that the goal is to buy 50 distressed hotels with a total of 7,500 rooms and bring them together under the name Barrows Hospitality and Leisure Group.
According to Barrows, the effects of the global COVID-19 pandemic has ensured that many hotel entrepreneurs are at a loss.
“Hotels are being abandoned and the owners or operators are unable to revive the hotel after the long closure. We are giving the hotel a new life by carrying out sustainable renovations and bringing in new management. Barrows is financing the acquisitions through long-term facilities with institutional investors and investment banks.
“Every week we are approached by investment banks that are interested in financing unique assets. Hotels are clearly one of those,” the statement read in part.
The financier noted that it was specifically looking for airport hotels, beach resorts, and business hotels in the region.
According to Mr Erwin Jager, Barrows’ chairman, “We add value to the asset and increase cash flow and profit. We offer investors a solid guaranteed return and their capital is guaranteed as well. A perfect solution for all parties.”
Barrows Hotel Enterprises internationally manages over 10,000 hotel rooms in more than 10 countries. The company started in 2008 as a real estate investor in the residential market in Dubai, the United Arab Emirates.
Since 2012, Barrows has changed its strategy and the company is fully focused on the fast-growing hotel industry in the Middle East. Since 2020 Barrows is active in the entire MENA Region including West Africa.
