MANILA -The Antonio family’s Century Properties Group may consider other hotel ventures after the grand launch of Novotel Suites Manila at the developer’s masterplanned estate Acqua in Mandaluyong City on Tuesday.
Jose Marco Antonio, Century Properties CEO, said the company would take a measured approach in hotels and hospitality—a new recurring revenue stream for the listed property firm.
“We wanted to round off the masterplan for Aqua with our first hospitality development and see what kind of synergies we can create by learning operationally, running a hotel and see if we can parlay that later on into other ventures,” Antonio told reporters during a media briefing on Tuesday.
READ: Century Properties debuts into hotel business
The 152-room Novotel Suites Manila opened its doors about a year ago during its soft launch.
It is now catering to more guests from the Philippines and abroad, company executives said on Tuesday.
Novotel is part of the Accor Group, a multinational hospitality group with over 1,000 properties located across Middle East, Africa and Asia Pacific.
“They have a wide international footprint,” Antonio said, citing the hotel group’s “strong” customer loyalty program.
“What we were looking for is a brand that will resonate with Filipinos and also international travelers both businesses and leisure travelers coming to the Philippines,” he added.
READ: Century Properties net profit up 12% to P1.6B in 9 months
Meanwhile, Century Properties’ derives most of its earnings from property sales and commercial leasing revenues.
Net income from January to September this year rose 13 percent to P1.3 billion while revenues expanded by 10 percent to P9.7 billion.
Revenues were driven by the company’s affordable First-Home Residential Developments, which grew its top line by 28 percent to P5.3 billion during the nine-month period.