Cebu Landmasters embarks on P7.5-B expansion
Visayas and Mindanao-focused property developer Cebu Landmasters Inc. (CLI) expects to invest up to P7.5 billion in expanding its hospitality business under various hotel brands and boost its portfolio to 2,200 rooms by 2022.
The majority of the accommodation facilities will be built under a strategic alliance signed on Thursday with global hospitality brand The Ascott Ltd. The partnership will double CLI’s Ascott-branded serviced residences in Visayas-Mindanao (Vis-Min) to 1,600 from 804.
“We are happy with our partnership with Ascott as we increase our hospitality portfolio and expand to key cities in the Visayas and Mindanao,” said CLI chief executive officer Jose Soberano III. “Ascott’s expertise in the hospitality business is a good counterpart for our familiarity with the Vis-Min market.”
For the 1,600 hotel rooms that will be built for Ascott to manage in Visayas and Mindanao, Soberano said CLI would likely invest some P5 billion, including cost of land acquisition.
Kevin Goh, The Ascott Ltd. CEO, said: “Ascott’s alliance with CLI in the Philippines builds on the strategic partnerships we have forged around the world to accelerate Ascott’s growth globally. Leveraging Ascott’s global network and strong hospitality expertise, as well as CLI’s well- established reputation in the Philippines, the partnership will allow us to gain access to a pipeline of quality projects in the country.”
“This will fast-track our expansion and strengthen Ascott’s leadership position as the largest international hospitality player in the Philippines. Having leading industry players choose to partner with Ascott speaks volumes of the value we bring to our partners. We are confident that Ascott will exceed 80,000 units in 2018 and expand to 160,000 units worldwide by 2023,” Goh said.
Ascott’s serviced apartments in Vis-Min are offered at P4,000 to P6,000 per night.
The new sites eyed by CLI for Ascott include Mactan, Cebu, and the cities of Cagayan de Oro, Iloilo and Dumaguete.
CLI’s management contract with Ascott for the upcoming properties will last for at least 10 years.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.