Price water house Coopers (PwC) on Thursday said Nigeria’s hotel revenue was expected to grow to $507 million by 2020.

A PwC Tourism report obtained by the News Agency of Nigeria in Lagos said in spite of the challenges in the nation’s hotel market, new hotels are still springing up.

According to the report, there are a number of new hotels planned or under construction, with a forecast that additional 4,700 rooms will be added in Nigeria in the next five years.

The report attributed the expected growth to increases in both stay unit nights and average room rates.

It said: “Hotel room revenue is expected to grow to $507 million in 2020 from the $321 million achieved in 2015, due to increases in both stay unit nights and average room rates.

“The hotel market in each country is affected by both the local and global economy, with some countries being more dependent on foreign visitors than the others.

“The growth forecast is therefore dependent on how well both the local and global economy performs and grows over the next five years.” (Independent/NAN)