Torre Lorenzo, Dusit Thani unit earmark P9.4B for hotel, residential ventures | Inquirer Business

Torre Lorenzo, Dusit Thani unit earmark P9.4B for hotel, residential ventures

/ 05:12 AM February 08, 2018

Torre Lorenzo Development Corp. (TLDC) and Dusit Thani Philippines Inc. are investing P9.4 billion in building new hotels and developing residential areas in Lipa City and the Davao Gulf, company officials announced on Wednesday.

TLDC chief executive officer and president Tomas Lorenzo said in a briefing that the company was diversifying to hotels and leisure projects, after making a name for itself in the area of university residences.

Officials said P4.5 billion had been earmarked for the Dusit Thani Residence Davao and dusitD2 Hotel, the first five-star luxury complex in Davao and also Dusit International’s first residence in the Asia Pacific region.

Article continues after this advertisement

Hotel facilities will be opened by the end of the year and the turnover of residences will follow in the first quarter of 2019.

FEATURED STORIES

Some P1.9 billion was allocated for Dusit Thani Hotel at Lubi Plantation, a five-star luxury resort in a 36-hectare leisure development in the Davao Gulf.

In total, Davao would host three projects, accounting for P6.4 billion of the investments.

Article continues after this advertisement

Dusit Princess Lipa Hotel in Batangas, scheduled for completion in 2021, has an estimated cost of P3 billion.

Article continues after this advertisement

The move is in line with the company’s aim of opening new revenue sources, said chief finance officer and senior vice president for support services Emmanuel Rapadas.

Article continues after this advertisement

“In five years, the objective is to generate 40 percent of our revenue from recurring income, hotel operations, and 60 percent from development revenue, or sale of condominium units,” he said.

By 2020, he said about 25 percent of revenue was expected to come from hotel operations.

Article continues after this advertisement

Rapadas also said the company had posted P1.8 billion in reservation sales in 2017, up 35 percent from year-ago level.

For this year, the company is aiming for reservation sales of P2.4 billion to P2.5 billion worth of reservation sales, a growth of more than 38 percent. He said the company also has an inventory of university residences worth P6.2 billion.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: Davao Gulf, lipa city, Torre Lorenzo Development Corp. (TLDC)

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.