Abaca Resort Mactan
Property developer Cebu Landmasters Inc. (CLI) is raising its stake in the tourism space with a deal to purchase Abaca Resort Mactan, a beachfront boutique resort in Cebu, which it plans to develop into a 100-room all-suite luxury resort by 2023.
The resort currently has nine rooms in a 4,328-square-meter property in the Punta Engaño area, deemed by CLI as one of the few remaining prime areas in Mactan with an attractive view of the sea.
Abaca Resort Mactan would close its doors in February 2020 to give way to an “ambitious” redevelopment, CLI disclosed to the Philippine Stock Exchange on Thursday.
CLI, which is focused on the Visayas-Mindanao market, also signed a hotel management agreement with The Abaca Group, owners of the resort and a chain of top-end Cebu restaurants.
“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,” said Jose Soberano III, CLI chair and chief executive.
Soberano disclosed a reputable foreign architect would design and create the master plan for the luxury resort.
“Having this unique partnership and opportunity to manage a premier property developed by the region’s premier developer is a significant step towards our vision of breaking out as the country’s top homegrown luxury hotel group,” Abaca group founder Jason Hyatt said. —DORIS DUMLAO-ABADILLA