Affordable hotel set to rise in Fort Bonifacio

posted December 15, 2018 at 07:30 pm
by  Othel V. Campos
Fort Bonifacio is set to welcome a boutique hotel from property developers C-5 Mansions Development Corp. and Novel Residential Concepts Inc. 

Affordable hotel set to rise in Fort Bonifacio

Both companies signed a memorandum of agreement for the sale and long-term lease arrangement for the new Aspen Hotel project in Taguig City.

“Our target with this partnership and project is to offer the best in Filipino hospitality to our local and foreign guests at the hotel, while offering a unique investment opportunity to investors who share in our vision to ride the continued growth and development of BGC [Bonifacio Global City],” said C-5 Mansions Development Corp. general manager Alfonso Keh Jr.

He said the boutique hotel development is a landmark achievement of C-5 Mansions as it complements the vision shared by its founder to create an affordable residential, commercial and hotel complex within BGC close to SM Aura.

The partner firms noted a dearth of decent hotels along the long stretch of the main C-5 Road from the South Luzon Expressway side in Taguig City all the way to BGC up to the Quezon City, an observation that pushed for the creation of Aspen Hotel.

“Aspen Hotel obviously fills in a big gap in the market and will cater to businessmen, expatriates and Filipino families starting in 2022,” said Novel Residential Concepts president Roberto Alvarez Jr.

Aspen Hotel will occupy the 14th to 19th floors of C-5 Mansions’ Ridgewood Towers Premier project, which is now under construction. The hotel will be just a stone-throw-away from the British and Korean embassies. 

Aspen will be fitted with a private lobby, all-day restaurant and function rooms at the second floor. Other facilities include a lap pool, gym, kiddie playroom, private theater/game room and sky garden.

C-5 Mansions and Novel are offering the hotel project’s 186 units, comprised of 1-bedroom and 2 bedroom suites, to long-term investors starting at about P3.5 million each, inclusive of the unit price, fit-out cost and title transfer and miscellaneous fees.

Under the agreement, all units will be automatically fitted out and leased out upon turnover to Novel, which guarantees investors a minimum 6 percent p.a. rental rate, based on the total unit cost, be paid out semi-annually. 

Investors are also set to profit more if the hotel registers high occupancy rates via bonus rates of up to another 6 percent for a total of up to 12 percent return per year.

“Given that fixed bank time deposit interest rates are hovering at around 4 percent, we believe that our offering of a guaranteed rate plus our initiative of bonus rates after a strict occupancy auditing process makes Aspen Hotel a strong case for investors to stay way ahead of inflation,” Alvarez said.

Aspen Hotel has already pre-sold a good number of units to qualified investors even prior to launch.

Meanwhile, developers are optimistic that the assumed daily rate of only P3,500 for a 1-bedroom unit would be a big market draw, as it is competitive with the other hotel properties in the area. 

The competitive rate is expected to entice businessmen, expatriates and locals to experience Aspen given its strategic location.

“While of course, the daily rate may change depending on the market conditions once we start operating in 2022, we are confident that our target market will enjoy the premium affordability of Aspen Hotel vis-à-vis other hotel operators in and near BGC,” Alvarez said.

Aspen Hotel aims to fill a big gap in the market with booming leisure and business tourism markets.

The partner firms are now opening the project to investors who are willing to participate in Aspen Hotel’s development under an automatic hotel lease agreement.

Topics: Fort Bonifacio , boutique hotel , C-5 Mansions Development Corp. , Novel Residential Concepts Inc. , Aspen Hotel
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