Global-Estate Resorts Inc., a unit of major property developer Megaworld Corp., will open the P1.5-billion Twin Lakes Hotel inside its 1,200-hectare Twin Lakes development in Laurel, Batangas province by the end of the year.
GERI said in a disclosure to the stock exchange the 126-room Twin Lakes Hotel offered spacious rooms of up to 72 square meters in size and balconies facing either Taal Lake or a terraced vineyard, one of the main features of the Twin Lakes community.
The hotel will be operated by Megaworld’s Global One Hotels Group, which is also the owner and operator of the company’s homegrown Belmont and Savoy Hotel brands.
The eight-level hotel features an all-day dining restaurant facing the vineyard and Taal Lake, an in-house Wellness Spa, heated infinity pool and a grand ballroom with a banquet capacity of up to 500 people. The ballroom can be divided into smaller banquet rooms.
The hotel will also have a business center, boardroom and meeting rooms, game room, pool deck, kiddie pool and an outdoor lounge.
“We envision Twin Lakes Hotel to be a perfect venue for weddings and celebrations. Aside from the unparalleled views of Taal Lake and Volcano, this is the only hotel in the Philippines that has an actual grape-growing vineyard at its backyard,” GERI president Monica Salomon said.
Twin Lakes is a 1,200-hectare integrated tourism estate development of GERI and the company’s largest single development to date. It offers residential condominiums, residential villages as well as other leisure and commercial properties.
GERI has five tourism estates and two integrated lifestyle communities across the country covering over 3,000 hectares of land.
Net income attributable to the parent company stood at P407 million in the first quarter of the year, up 25 percent from P326 million year-on-year.
Consolidated revenues in the first quarter of 2018 amounted to P1.66 billion as rental income tripled to P87 million after the company opened Southwoods Mall, its first full-scale mall in Biñan, Laguna.
