Eton Properties Philippines Inc., the real estate arm of tycoon Lucio Tan, plans to venture into the hotel business under its own brand.
Eton Properties chief operating officer Josefino Lucas said in an interview the company planned to start building two projects under the Eton Hotel brand this year, including one in Pasay City and another in Quezon City.
Lucas said the plan was to construct a 160-room hotel within a P2 billion mixed-use development across Heritage Hotel in Pasay City.
Lucas said the hotel would be a part of two-tower development on a 4,000-square-meter lot, which would also include retail and office components. The property was acquired by Eton Properties from sister company Philippine National Bank.
Eton Properties also aims to put up Eton Hotel within a 12-hectare property in Centris at the corner of Edsa and Quezon Ave. in Quezon City, according to Lucas.
He said the 400-room, three-star hotel would cater to BPO executives and workers who live in Bulacan and Pampanga.
The company’s move develop its own hotel brand is a part of its strategy to boost recurring income, he said. Jenniffer B. Austria
Eton Properties currently operates a 368-room serviced apartment in Makati City called Mini Suites.
Eton Properties also continues to focus on building office towers, including an office building along Emerald Avenue in Ortigas Center.
Lucas said the office project would have up to 18,000 square meters of leasable area and would target small and medium enterprises.
“We believe there is a demand for office space for SMEs within the area,” Lucas said.
Eton Properties targets to double its gross leasable area to 300,000 square meters in five years from 156,000 square meters as of 2015.