Cebu Landmasters Inc. (CLI) has tied up with The Ascott Limited
(Ascott) to build more serviced-residences in the Visayas-Mindanao region.
The partnership is seen to
double CLI's number of apartment units under Ascott’s brands from 804 to 1,600
by 2022.
“We are happy with our
partnership with Ascott as we increase our hospitality portfolio and expand to
key cities in the Visayas and Mindanao," said CLI Chief Executive Officer
Jose Soberano III after the signing of memorandum of understanding at The
Ascott Makati in Makati City. "Ascott’s expertise in the hospitality
business is a good counterpart for our familiarity with the VisMin market.”
Mr. Kevin Goh, Chief Executive Officer, The Ascott Limited, said:
“Ascott’s alliance with CLI in the Philippines builds on the strategic
partnerships we have forged around the world to accelerate Ascott’s growth
globally. Leveraging Ascott’s global network and strong hospitality expertise,
as well as CLI’s well established reputation in the Philippines, the
partnership will allow us to gain access to a pipeline of quality projects in
the country. This will fast-track our expansion and strengthen Ascott’s
leadership position as the largest international hospitality player in the
Philippines. Having leading industry players choose to partner with Ascott
speaks volumes of the value we bring to our partners. We are confident that
Ascott will exceed 80,000 units in 2018 and expand to 160,000 units worldwide
by 2023.”
To date CLI, the leading VisMin- based housing developer for both
horizontal and vertical developments according to Santos Knight Frank, has a
total portfolio of 969 rooms.
Its serviced residence projects with The Ascott Limited include the
180-room Citadines Cebu City in Base Line Center, the 250-room Citadines
Paragon Davao to be operational by 2021, the 180-room lyf Cebu City in Base
Line Prestige set to open in 2021, and the newly launched 200-room Citadines
Bacolod City that will open by fourth quarter of 2021. The Citadines brand
caters to independent travelers who want flexible services, while its newest
lyf brand is designed by millennials for millennials, with co-living, collaborative
concepts.
Soberano said the sites being
eyed for the new Ascott properties will include Mactan Cebu and the cities of
Cagayan de Oro, Iloilo and Dumaguete.
“The tourism industry in the
VisMin region is flourishing and government infrastructure projects are
complementing the area’s rapid growth," he said. CLI and Ascott, he added,
"have decided to combine our areas of expertise in order to provide
properties that will address the specific needs of each market.”
Singapore-based The Ascott Limited is a wholly-owned subsidiary of
CapitaLand. It is one of the leading international serviced residence
owner-operators with more than 500 properties in over 130 cities spanning more
than 30 countries across the Americas, Asia Pacific, Europe, the Middle East
and Africa. Its portfolio of brands includes Ascott, Citadines, Somerset,
Quest, The Crest Collection and lyf.
In the Philippines, for 18 years, The Ascott Limited is the largest
hospitality player with 20 properties offering over 4,300 units. These include
seven operating properties and 13 projects under development in Metro Manila,
Cebu, Davao, Iloilo and Bacolod. Of this, 1,085 units are in VisMin; out of
which, 804 units or 74 percent is CLI’s.
CLI, founded in Cebu in 2003, was recently awarded one of BCI Asia’s
Top 10 Developers of the Philippines and is the only one from the Visayas and
Mindanao region. - PR
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