Loomzy Suites to expand operations in Nigeria by 2022
Loomzy Suites, a growing boutique hotel chain, today announced plans to expand operations to transform the face of hospitality and hotel management using technology, a post-pandemic necessity. This will see the company expanding some of its hospitality services to cater to its customers and uninvited guests through its special business units.
Launched in May 2021, Loomy Suites under Loomzy Integrated Resources currently owns three boutique hotels in the upscale Lekki district of Lagos, Nigeria and has served over 1,300 guests while operating at 80-85% capacity. With the COVID-19 epidemic in 2020, it has become necessary to change the way the hospitality industry operates and this has resulted in two basic needs in the hospitality industry; the need for space and the automation of processes.
First launched on the AirBnB model which has radically changed the face of hospitality around the world, Loomzy Suites has since refined its model to ensure that legitimate and verifiable guests are accommodated in its facilities to ensure the safety of lives and goods.
After raising around 115 million Naira from friends and family when it began operations in May 2021, Loomzy Suites is now ready to raise capital for the next phase of the company’s growth. Loomzy Suites leverages investments from its private network and guarantees equity through private placement. This funding will allow the company to expand its operations beyond 15 rooms while refining its technology to deliver world-class service and quality through contactless processes and operations. The technology will embody an end-to-end process where reservation through payment can take place on a customer’s mobile device.
According to Uloma Okoro, CEO of Loomzy Suites, “Most of my seed money was raised through friends, family, network, and then people who have followed me closely on social media. The funds were raised in the form of fixed interest debts, on the basis of terms and conditions agreed with the investors. Currently, many of these investors have decided to become shareholders of the company; thus transforming their loans into equity. To make this possible, we are now ready to register a full service hospitality company by selling 40% of the company’s shares through a private placement. We are also making room for new investors who believe in the vision to invest in the company. “
This initial funding generated gave birth to the “Loomzy Suites brand” and also allowed the startup to increase its valuation to N900M (approximately $ 1.7 million). investors and stakeholders.
Speaking on the adoption of technology to facilitate its processes, Uloma Okoro said, “The COVID 19 pandemic has caused two basic needs in the hospitality industry: space and automation. By space I mean the need for social distancing and strict observance of Covid-19 protocols. This is where technology comes in with contactless recording and full automation of housekeeping services. Automation has become necessary due to the complexity of the hospitality industry. There is a need to compartmentalize and automate processes to prevent leaks and ensure standardization of processes such as hotel reservation, food and inventory management, use of facilities and equipment within the company. ‘hotel.
This business has been structured in such a way that all of its income does not come from accommodation and service only to its customers, but also from catering to non-guests through its strategic business units that provide massages, competitive but affordable cooking and laundry services. In a five-year financial forecast, Loomzy Suites expects to end 2022 with a pre-tax profit of 133.8 million naira, an amount that is expected to double by the end of 2023 to 328.1 million naira and by By the end of 2026, it forecasts a profit of N514.7M.