CLI acquires Abaca Resort Mactan

MANILA, Philippines – Property developer Cebu Landmasters Inc. (CLI) has raised its stake in the tourism space sector with a deal to acquire Abaca Resort Mactan, a beachfront boutique resort in Cebu, which it plans to expand to 100-room all-suite luxury resort by 2023.

The resort currently has only nine rooms in a 4,328-square meter property in the Punta Engano area – which CLI deems as one of the few remaining prime areas in Mactan with an attractive oceanfront.

Abaca Resort Mactan will close its doors in February 2020 to give way to the ambitious redevelopment.

“CLI and The Abaca Group will create world-class synergies that will allow us to maximize tourism opportunities in Cebu, a booming growth area supported by large-scale infrastructure development projects such as Terminal 2 of the Mactan Cebu International Airport,” Jose Soberano III, CLI chairman and chief executive officer disclosed to the Philippine Stock Exchange on Thursday. /gsg