Stern Real Estate and Development Corporation will invest P500 million to expand its operations in Camp John Hay under a new 25-year lease agreement with the Bases Conversion and Development Authority (BCDA).
The deal covers a 1,500-square-meter commercial lot adjacent to Le Monet Hotel along Ordonio Drive within the John Hay Special Economic Zone. Under the expansion project, Stern Real Estate will add at least 70 hotel rooms to Le Monet Hotel, nearly doubling its current capacity and positioning the property for a 4- to 5-star classification.
BCDA president and chief executive Joshua Bingcang said the project reflects sustained private sector confidence in the former military base.
Bingcang noted that the authority and the John Hay Management Corp. are eager to share the master plan with potential investors to illustrate the types of partnerships available within the estate.
The investment is expected to create new jobs for Baguio City while supporting higher visitor traffic.
Stern Real Estate executive vice president Eric Owen Singson Jr. said the expansion underscores a long-term commitment to the city and the local tourism industry.
Singson said the project aims to revive the senses and deliver Filipino hospitality to both global travelers and local families.
Stern Real Estate, which also operates the Filling Station food court, is one of the longest-standing locators in the economic zone.
The company said it plans to upgrade its leased properties in accordance with the John Hay Special Economic Zone Comprehensive Master Plan to ensure developments align with eco-tourism and commercial standards.
