Mitigating Risk Impact of Disputes on Real Estate Business and Investment in Lagos: The Alternative Dispute Resolution (ADR) Approach

The occurrence of disputes in various forms of human interactions has increased in complexity and has assumed a disturbing dimension in recent times. Due to uncertainty surrounding dispute resolution through litigation, professionals in the various disciplines are always seeking for alternative and innovative ways through which risk of disputes that arise in the course of business transactions and professional activities can be resolved without recourse to litigation. The objective of the study therefore is to examine the impact of dispute as an emerging risk factor in real estate business and investment and the adoption of Alternative Dispute Resolution techniques as innovative approaches to real estate investment and management dispute resolution thereby mitigating dispute risk impact on real estate investment. Utilising content analysis of cases in real estate investment sourced from the High Court of Lagos State, some ADR centres and consultant Estate Surveyors and Valuers in Lagos State, results showed among others that there were huge loss of investment in real estate, tribal tensions, discrimination and damaged business relationships when ADR frameworks were not involved in disputes resolution. The study has recommended among others that ADR should be enshrined in all real estate management and investment contracts and that all the stakeholders in real estate business should take advantage of the flexible multi-level ADR clauses to better the chances of dispute resolution along the real estate value chain

Consumers Preference for Hotel Amenities and Willingness to Pay in Lagos

The paper investigated user demand and pricing determinants ofhotel facilities in Lagos. The main objective was to develop a model of these perceptions that will serve as a tool or framework for prospective investors and management staff of related investments. Using information obtained from personal interviews and structured questionnaires served on users of selected hotels in Lagos Island (Ikoyi, Victoria Island and Lekki), Hedonic Model was developed with the aid of certain identified attributes. The findings revealed that security and safety attributes, location attributes, recreation and entertainment (including food and beverages), hospitality and basic attributes are some of the significant factors affecting demand and pricing of hotel in the study area. It is recommended that investors and managers should take into consideration attributes ofhotels in line with customers' value hierarchy when making investment decisions to realize optimum sustainability; and that hoteliers need to ensure that the qualities of these hotel attributes are maintained at an acceptable level by constantly reviewing customers' feedback.Keywords: Hedonic pricing; Hotels; Lagos Island; Pricing; Users demand