Cebu Landmasters Inc. on Tuesday broke ground on a P4-billion mixed-use tower in Cebu which will boost its hotel and office leasing portfolio.
CLI said in a disclosure to the stock exchange Masters Tower Cebu will house the 195-room Sofitel Cebu City which will be operated by multinational chain Accor, a world leading hospitality group headquartered in France. The tower will also offer Grade A office space.
Located at the Cebu Business Park, Masters Tower Cebu is set to be one of Cebu’s tallest LEED Gold registered building and will have eco-efficient features, making it attractive to global and other occupiers putting a premium on sustainability.
“CLI is confident that VisMin economic recovery is within view and will happen at an accelerated pace. We will be ready in three to four years for the bounce back with a long-awaited five-star hotel and prime office spaces in the iconic Masters Tower Cebu,” CLI chief executive Jose Soberano III said.
The Masters Tower Cebu is slated for completion by 2025. The offices will be located from the 8th to the 12th floors, while the hotel will be from the 14th to the 32nd floors.
CLI said the planned luxury hotel will be a cornerstone of the growing CLI hotel portfolio which is projected to grow to 1,433 rooms by 2025, when Sofitel Cebu City will be completed.
This is in line with the listed company’s strategy to grow recurring revenue and contribute 10 percent to total revenue in the next four to five years.
Masters Tower Cebu is designed by Skidmore, Owings and Merrill which is responsible for some of the world’s most technically and environmentally-advanced buildings and significant public spaces, in collaboration with GF Partners and Architects, one of the country’s top architectural firms.
“We believe Cebu City deserves a landmark like the Masters Tower Cebu,” Soberano said.