Travel/Tourism
Yacht Charter Market to Hit $50b by 2020
By Dipo Olowookere
It has been predicted that the luxurious yacht charter market will surpass $50 billion mark by the year 2020.
As at 2015, the industry generated about $37 billion.
It is observed that a renewed interest is being witnessed in spending on leisure and entertainment, giving a fillip to the global yacht charter market.
These insights are from “Yacht Charter Market: Global Industry Analysis and Opportunity Assessment 2015-2020” by research and consulting firm Future Market Insights (FMI).
Yacht Charter Market: Drivers and Restraints
The economic downturn of 2007-08 had a dampening effect on the yacht charter market; however, recovery in global economy has revived interest in yacht chartering, with the global market poised to witness annual growth rates of over 6 percent through 2020.
High seasonal pricing, steep taxes, and predatory pricing by unregistered yacht chartered companies are the key challenges that can impede growth of the yacht charter market in the future.
Region-wise Analysis of Yacht Charter Market
FMI’s report has studied the global yacht charter market and segmented it into North America, Latin America, Eastern Europe (Russia and Turkey), Rest of Europe (West, North, and South), Asia Pacific, and Middle East and Africa (MEA).
Rest of Europe (West, North, and South) was the most preferred destination for vacationers and corporate travellers alike, accounting for nearly $12 billion in revenues in 2015.
Popularity of yacht charter destinations, such as Athens, Aegean Islands, Cyclades, Dodecanese, and Ionian Island is a key factor driving the growth of the Rest of Europe yacht charter market.
Eastern Europe (including Russia and Turkey) yacht charter market was valued at $9.6 billion in 2015, and it is expected to expand at over 7 percent CAGR through 2020.
Turkey is the most popular yacht charter destination in Eastern Europe, and is expected to witness high number of vacationers in the near future.
FMI estimates Europe to remain the largest market for yacht chartering during the forecast period. Europe is home to some of the most popular yacht charter destinations and development of new destinations is only going to boost its reputation going forward.
Motor Yacht and Sailing Yacht Forecast
Chartered yachts fall under two broad categories – motor yachts and sailing yachts. Revenues from the sailing yacht segment totalled $29.3 billion in 2015, and this segment is expected to increase at over 6 percent CAGR through 2020.
Among the various types of sailing yachts (Sloop, Schooner, Catamaran, Ketch), Sloop and Schooner account for bulk of bookings. FMI estimates demand for these two sailing yachts to remain high during the forecast period.
Yacht Charter Market Segmentation by Consumer Type – Corporate and Retail
In a bid to study the yacht charter market lucidly, FMI has segmented vacationers into corporate and retail.
Retail yacht vacationers accounted for over $ 16 billion revenues of the global yacht charter market in 2015, representing nearly 70 percent revenue share. Bookings by corporate consumers is expected to pick up in the future, increasing at a higher CAGR than retail consumers.
Social Media and Native Advertising Gaining Traction Among Yacht Charter Providers
Leading players in the global yacht charter market are focusing on brand positioning and adoption of latest entertainment features, such as WiFi, LED and OLED screens, exquisite range of cuisines and liquor to gain a stronghold in this robustly expanding market. Use of social media platforms, such as YouTube and Facebook is also growing among yacht charter owners, with native advertising gaining traction as part of the marketing strategy.
By Adedapo Adesanya
The Federal Airports Authority of Nigeria (FAAN) has announced plans to introduce V-Pass, a biometric facial recognition system designed to make passenger processing faster, safer and more seamless across its domestic airports.
According to FAAN, the new technology will allow passengers to verify their identities through facial recognition after a one-time enrolment, reducing reliance on physical identification documents and shortening queues through automated electronic gates.
The authority said the system is expected to enhance airport security while improving the overall travel experience for domestic passengers.
FAAN added that V-Pass has been developed with data privacy at its core and is compliant with the Nigeria Data Protection Regulation (NDPR).
The agency described the initiative as part of its commitment to delivering smarter, technology-driven airport services and said nationwide sensitisation and rollout updates would be announced in due course.
Airports in countries including the United States, the United Kingdom, Singapore and the United Arab Emirates already deploy facial recognition technology for processes such as check-in, security screening, immigration and boarding, so the move also aligns Nigeria’s aviation sector with a growing global trend towards contactless travel.
These systems have been adopted to improve operational efficiency, strengthen security and enhance the overall passenger experience.
For FAAN, the deployment of V-Pass forms part of its broader digital transformation agenda aimed at modernising airport operations and accommodating rising passenger traffic.
Experts say that beyond improving convenience, the authority expects the biometric platform to strengthen identity verification, reduce the risk of impersonation and support more efficient airport security, while maintaining compliance with data protection.
By Aduragbemi Omiyale
About 14.12 per cent stake in Ikeja Hotel Plc has been acquired by Honeywell Group Limited, a notice on the Nigerian Exchange (NGX) Limited has revealed.
Honeywell Group took up the part of the hospitality firm through one of its affiliates known as HGL Real Estate Limited.
Ikeja Hotel, in the disclosure filed with the NGX on July 2, 2026, said the stake comprised 305,323,525 units of its equities.
“Ikeja Hotel hereby notifies the Nigerian Exchange Limited and the general public that it has received notification from HGL Real Estate Limited, an affiliate of Honeywell Group Limited, that it has acquired 305,323,525 units of Ikeja Hotel Plc’s shares, representing 14.12 per cent shareholding in the company,” the notice stated.
Ikeja Hotel is one of Nigeria’s leading hospitality investment and hotel management companies with premium hospitality assets.
It operates two leading hospitality organisations in Lagos, the Sheraton Lagos Hotel and Balmoral Convention Centre.
By Aduragbemi Omiyale
About 10 hospitality establishments, including hotels and restaurants, were sealed on Wednesday by officials of the Lagos State Environmental Protection Agency (LASEPA).
The affected businesses are located in different locations in the Alimosho Local Government Area of the metropolis, Business Post learned from a statement from the agency.
It was stated that they were sealed by LASEPA for persistent violations of environmental regulations despite repeated warnings, abatement notices, and several opportunities to comply with the agency’s directives.
According to the notice, the enforcement exercise was carried out in line with the directives of the Lagos State government to ensure strict compliance with environmental laws and to safeguard public health.
The affected facilities were said to have breached various environmental regulations, including noise pollution, air pollution, unlawful discharge of untreated effluent, obstruction of official duties, among others.
LASEPA closed the premises of Granduer Meridian at Obasa Akiniyi Street, Oluwaga, Ipaja for non-compliance with the agency’s directives; Lasola (Spazio Bar), located on Ipaja Road, Fatolu Bus Stop, Ipaja, was sealed for noise pollution and non-compliance with directives; Millennium Restaurant, located at Gate Bus Stop, Ipaja, Ayobo, was shut down for non-compliance with directives; O2 Exquisite Suites & Tower on Jimoh Akinremi Street, Jimoh Bus Stop, Akowonjo, was sealed for non-compliance with directives; and Chirozz Hotel & Suites, located on Samuel Street, Akowonjo, by Vulcanizer Bus Stop, Egbeda, was closed for noise pollution and non-compliance with directives.
In addition, House 7 Hotel, located at Remi Akande Street, Egbeda, was sealed for non-compliance with LASEPA’s directives; House 48 on Isiba Oluwo Street, Egbeda, was sealed for non-compliance with directives; Exclusive Hotel, located at Ishan Kimishe, Akesan Bus Stop, was shut down by non-compliance with directives; Sabola Ventures Limited, Iocated at Km 11, LASU–Isheri Road, Igando, was shut down for operating without evidence of an Effluent Treatment Plant (ETP), and discharging untreated effluent into public drains; and City Int’l Motel, located at Chief Olu-Adegbite Street, off Oladun Street, Council Bus Stop, Idimu, was sealed for non-compliance with directives.
