Business and Economy
Cebu Landmasters inks deal with Ascott
MANILA — Newly-listed property developer Cebu Landmasters Inc. (CLI) has teamed up anew with The Ascott Ltd. for the serviced residence of a mixed-use development project in Cebu City to meet growing demands from the tourism industry.
CLI signed Wednesday its management agreement with Ascott for the 153-room serviced residence, which will bring the developer’s hotel portfolio to around 600 rooms in four years.
“The growth potential offered by tourism is very promising and we are happy to be teaming up for the third time with The Ascott Ltd. in this project set to introduce new industry benchmarks,” CLI Chairman and Chief Executive Officer Jose R. Soberano III told the local bourse.
A recent study by the Department of Tourism shows that Cebu-Mactan will have a room gap of 14,931 by 2022.
“Cebu Landmasters is committed to bring the latest to our Vis-Min (Visayas-Mindanao) markets, especially the influential and flourishing millennial generation, and to the other markets where hospitality continues to be in demand,” said Soberano.
The residence offers apartments ranging in size from 16 to 60 square meters in Base Line Prestige, the third tower of CLI’s mixed-use development Base Line Center, whose Towers 1 and 2 already topped off and are expected to be completed in 2018.
Two other CLI properties will carry Ascott’s brand -the 180-room Citadines Cebu City in Base Line Center set for completion in 2018; and the 250-room Citadines Riverside Davao set to be operational by 2021.
Soberano earlier said CLI would launch next year more hotel projects which would serve as strong anchor projects for its mixed-use developments in key Philippine cities. (PNA)
