Cebu Landmasters Inc. (CLI) signed an agreement Thursday with international hospitality group The Ascott Limited on putting up four hotels in the Visayas and Mindanao.
Property developer CLI is investing P5 billion to put up four hotels in VisMin, banking on strong tourism growth in both regions.
“The tourism industry in the VisMin region is flourishing and government infrastructure projects are complementing the area’s rapid growth,” CLI chief executive officer Jose Soberano III said during a press briefing in Makati City.
CLI will construct the hotels which will be managed by The Ascott group under the Citadines and Lyf brands.
“Under our arrangement, the developer-partner will put the structure together and will be putting in the investment,” Soberano noted.
CLI said the partnership is in line with plans to double its number of apartment units to 1,600 by 2022 from 804 now.
The 10-year partnership may be renewed, said CLI COO Jose Franco Soberano.
CLI said it is also looking at the possibility of entering the hospitality business in Bohol, Cagayan de Oro, and Iloilo.
“This will fast-track our expansion and strengthen Ascott’s leadership position as the largest international hospitality player in the Philippines,” The Ascott CEO Kevin Goh noted.
“We are confident that Ascott will exceed 80,000 units in 2018 and expand to 160,000 units worldwide by 2023,” he said. —VDS, GMA News
By JON VIKTOR D. CABUENAS
GMA News Online