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CLI acquires Abaca Resort Mactan

/ 10:13 AM September 12, 2019

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.

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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

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TAGS: Abaca Resort, business news, Cebu, CLI, latest news, Mactan
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