Century Properties to open doors of first hotel
CPGI president and CEO Marco Antonio says the firm wants to address demand from tourism sector. —CONTRIBUTED PHOTO
Banking on the surge in tourism activities during the holiday season, Century Properties Group Inc. (CPGI) is set to start accepting guests at Novotel Suites Manila in Mandaluyong City, its first foray into the hospitality segment.
“December is an opportune time for Novotel Suites Manila to open as Century Properties can actively participate and address the demand surge for tourism and leisure travel, which is also in line with the government’s thrust to promote the industry,” CPGI president and CEO Marco Antonio said.
The hotel will open its doors on Dec. 15.
“We are proud to carry the Novotel name, along with other 500 establishments globally. It’s a trusted brand, known for excellent rooms and service,” Antonio added. The mid-scale hotel was conceptualized through hospitality firm Accor.
The Antonio family-owned developer said the hotel could also benefit from the rising demand for venues for corporate events. CPGI sees demand coming from several multinational companies based in Taguig and Makati.
Article continues after this advertisementNovotel Suites, co-owned by CPGI subsidiary Century Acqua Lifestyle Corp., houses 152 rooms each with a floor area ranging from 32 to 87 square meters. It offers various amenities, including meeting rooms for small-scale business events.
Article continues after this advertisementStrong demand
The firm known for its high-rise condominium projects said it registered a nine-month net income of P1.1 billion, which showed a 6-percent growth from a year ago. Total revenues were up 35 percent to P8.75 billion in the January to September period.
CPGI chief finance officer Ponciano Carreon Jr. earlier said the demand for their affordable housing projects “remained strong despite rising inflation and [high] interest rates.”
The firm’s affordable homes project, through PHirst Park Homes Inc., accounted for nearly half of its total revenues.
PHirst Park aims to have 15 projects by 2023 from the current 13 housing developments.
