Property developer Cebu Landmasters Inc. (CLI) boosted its hotel portfolio with the opening of the 159-room lyf Cebu City, demonstrating the company’s confidence in the Visayas’ growing tourism sector.
CLI said in a disclosure to the stock exchange Tuesday that lyf Cebu City, to be managed by global hotel operator The Ascott Limited, would primarily target young and dynamic travelers.
“We are excited for the opening of lyf Cebu City that offers young travelers an exciting blend of modern accommodations and a dynamic environment unmatched in Cebu. CLI’s hotel portfolio is growing and we are happy to offer a unique experience to VisMin’s growing tourism market,” said CLI Hotels & Resorts director Mathias Bergundthal.
The new hotel is the company’s third under CLI’s hospitality group, which also includes the 258-room The Pad Co-Living and 180-Citadines in Cebu City. The latter is also operated by The Ascott .
It said two more hotels would open this year, including the 200-room Citadines Bacolod City in March and the 144-room Radisson Red by the end of the year.
CLI plans to have 10 hotels under its portfolio with more than 1,700 room keys in the medium-term.
The new hotel is located within CLI’s mixed-use property Base Line Center in mid-town Cebu near Fuente Osmeña Circle. It is situated near various commercial and essential establishments.
It is the first lyf property in the Visayas and Mindanao and the second in the Philippines.
CLI reported that its unaudited revenue from hospitality business grew 67 percent in 2023 on the back of higher occupancy rate.