Cebu Landmasters Inc. said Monday it broke ground on a new hotel, office, and retail development in Cebu City in joint venture with the Archdiocese of Cebu.
CLI said in a disclosure to the stock exchange Monday the new mixed-use development would offer 4,320 square meters of food, dining, and entertainment spaces, and 4,400 sq. m. of offices for leasing.
The 182-room Mercure Cebu Downtown will be constructed and is expected to be completed by 2024. The project is located on the 6,670-sq. m. Patria de Cebu property owned by the Archdiocese of Cebu.
“The final design of Patria de Cebu is a result of a collaboration between the Archdiocese of Cebu, CLI and key stakeholders. It is a celebration of Cebuano history and culture in today’s setting,” CLI chief executive Jose Soberano III said.
CLI and the Archdiocese of Cebu, with the approval of the National Historical Commission of the Philippines to retain the main Patria building in its final design, agreed to preserve the historic edifice.
CLI said the new structure would be integrated while preserving the heritage of the main Patria building that would have dining, entertainment and office hub, while showcasing a large central interior plaza for cultural and other gatherings.
The Mercure Cebu Downtown’s ballroom and meeting rooms will host social and business gatherings. It will also have a restaurant, executive floor lounge, swimming pool and rooftop bar.
The hotel will be operated by Accor, the largest hospitality company in Europe and CLI’s partner in another landmark project at the Cebu Business Park—the five-star Sofitel Cebu City.
The groundbreaking of the mixed-use complex was timed to also celebrate the 500th year of Christianity in Cebu.
The company earlier said it would spend P900 million to complete the whole project.
CLI’s share price rose 1.25 percent Monday to close at P5.67.
