Cebu Landmasters Inc., a leading property developer in Visayas and Mindanao, acquired a luxury resort in Mactan, Cebu to expand its growing resorts portfolio.
CLI said in a disclosure to the stock exchange it bought the all-suite Abaca Resort Mactan. It also signed a hotel management agreement with the Abaca Group, owner of the resort and a chain of top-end Cebu restaurants.
CLI chairman and chief executive Jose Soberano III said the company planned to expand the 4,328 square-meter Abaca Resort Mactan to a 100-room all-suite luxury development from the current nine rooms by 2023.
“CLI and The Abaca Group will create world-class synergies that will allow us to maximize tourism opportunities in Cebu, a booming growth area supported by large-scale infrastructure development projects such as Terminal 2 of the Mactan Cebu International Airport,” Soberano said.
CLI said it would tap a reputable foreign architect to design and master-plan the redevelopment of the luxury resort.
Abaca Resort Mactan will close its doors in February 2020 to give way to the planned redevelopment.
“With Cebu being our adopted home, it has always been our vision to contribute to the growth of Cebu’s tourism and hospitality industry on a much larger scale, especially the Abaca Resort and Hotel brand. We have been approached by several developers to expand the brand but the thoughtfulness and commitment to quality that Cebu Landmasters brought to the table was undeniable and made the decision easy,” said Abaca Group founder Jason Hyatt.
“Having this unique partnership and opportunity to manage a premier property developed by the region’s premier developer is a significant step towards our vision of breaking out as the country’s top homegrown luxury hotel group,” added Hyatt.
CLI is the leading developer in the Visayas-Mindanao area with a total of 58 projects in various stages of development in seven key cities of the region.
Aside from the Abaca Resort Mactan, CLI recently acquired the two-hectare Lowaii Marine Cebu Resort on the southern side of Mactan Island.