Cebu Landmasters Inc. again tapped The Ascott Limited (Ascott) to manage its third hotel project in Cebu City.
CLI said in a statement it signed a serviced residence management agreement with The Ascott for the a 153-room serviced residence project called “lyf Cebu City.”
The company’s third hotel project will bring CLI’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 Limited in this project set to introduce new industry benchmarks,” said CLI chairman and chief executive Jose Soberano III.
“Cebu Landmasters is committed to bring the latest to our Vis-Min markets, especially the influential and flourishing millennial generation, and to the other markets where hospitality continues to be in demand,” he added.
The “lyf” is Ascott’s latest brand designed for the growing wave of millennial and millennial-minded travelers. Going beyond traditional hospitality concepts, “lyf” signifies a new way of living, collaborating as a community and connecting guests with fellow travelers and change-makers.
The first two other CLI properties carry Ascott’s brand Citadines catering to leisure travelers and young professionals who are increasingly on the move. These are the 180-room Citadines Cebu City set for completion in 2018 and the 250-room Citadines Riverside Davao set to be operational by 2021.
“The Ascott Limited partners with Cebu Landmasters for its credibility. They have a deep understanding and knowledge of the real estate industry and a strong foothold in the Visayas and Mindanao. Partnering with CLI strengthens our brand,” Ascott Limited regional general manager for Philippines and Thailand Arthur Gindap said.
Soberano earlier said the company would launch more hotels in 2018 to serve as strong anchor projects for the firm’s mixed-use developments in key Philippine cities.
“Our hotel properties will maximize opportunities offered by the country’s growing tourism momentum while ensuring the full development of our mixed-use projects in strategic VisMin areas,” Soberano said.
CLI plans to increase revenues by 47 percent to P5.3 billion in 2018 and net income by 42 per cent to P1.7 billion.
The growth is expected to be driven by robust sales performance as well as construction of newly-launched projects.