MANILA, Philippines — Soberano family-led Cebu Landmasters Inc. (CLI) has launched a new P2-billion Citadines hotel in the Visayas, this time in Bacolod City, pushing it closer to its goal of expanding the hospitality business outside Cebu City.
According to CLI, the 200-room Citadines Bacolod is the largest international hotel in the city located on Negros Island.
“We are expecting our hospitality business to rise as we now have over 1,700 keys in our portfolio,” CLI chair and CEO Jose Soberano III said in a statement.
READ: CLI sets P27.65-B expansion cache
Citadines Bacolod, a project of CCLI Premier Hotels, also has a 1,000-square-meter convention center that can accommodate large corporate and noncommercial gatherings.
It is the Visayas- and Mindanao-focused developer’s fourth operational hotel after the 180-room Citadines Cebu City, 159-room lyf Cebu City, and 258-room The Pad Co-Living Cebu.
READ: VisMin-focused property developer eyes bigger presence in Luzon
CLI said two more hotels, Citadines Paragon Davao (263 rooms) and Radisson Red Cebu (144 rooms), were set for commercial operations by the end of the year. It is also constructing at least four other hotels.
“All of these 10 CLI hotels in key areas in VisMin are poised to drive future hospitality revenue growth for the company,” said Mathias Bergundthal, director of assets at hospitality subsidiary CLI Hotels and Resorts.
In the first three months of the year, CLI saw record revenues—up by 31 percent to P6.2 billion—due to strong sales in the residential and hotel segments.
Likewise, net income climbed by 15 percent to P978 million.