Property developer Cebu Landmasters Inc. (CLI) has inked a new deal with international serviced residence operator The Ascott Ltd. to build a new 153-room hotel property in Cebu City targeting young travellers.
The upcoming serviced apartment will mark the Philippine debut of Ascott’s hospitality brand “lyf,” which targets the growing wave of millennial and millennial-minded travellers.
The latest property deal, CLI’s third partnership with Ascott, is also expected to boost CLI’s hotel portfolio to 600 rooms in four years’ time.
The upcoming property, “lyf Cebu City,” is envisioned to be a “fun, quirky and unique” accommodation designed to promote collaboration and connection in a community. It will have communal spaces or co-working areas that can be easily transformed into zones for workshops or social gatherings. It will also have a social kitchen where guests can prepare home-cooked meals, take cooking classes and socialize while learning more about global cuisines from other residents.
“The growth potential offered by tourism is very promising and we are happy to be teaming up for the third time with The Ascott Ltd. in this project set to introduce new industry benchmarks,” CLI chair and chief executive officer Jose Soberano III said in a press statement.
“Cebu Landmasters is committed to bring the latest to our Vis-Min (Visayas-Mindanao) markets, especially the influential and flourishing millennial generation, and to the other markets where hospitality continues to be in demand,” Soberano added.
Arthur Gindap, The Ascott regional general manager for the Philippines and Thailand, said: “The Ascott Ltd. partners with Cebu Landmasters for its credibility. They have a deep understanding and knowledge of the real estate industry and a strong foothold in the Visayas and Mindanao. Partnering with CLI strengthens our brand.”
With its communal spaces and co-working areas, “lyf Cebu City” will target technopreneurs, millennials working in start-ups and individuals from music, media and fashion.
The upcoming serviced residences will offer a range of apartment designs from 16 to 60 square meters in Base Line Prestige, the third tower of CLI’s Base Line Center, a mixed-use development in the heart of Cebu City. Towers 1 and 2 of this property have topped off and are expected to be completed in 2018.