MANILA -- Property developer Cebu Landmasters, Inc. (CLI) on Thursday signed a deal with Singapore-based The Ascott Ltd. (Ascott) to build more serviced residences that would double its hospitality business in the Visayas and Mindanao (VisMin) region in the next five years.
In a disclosure to the local bourse, CLI said the partnership would increase its number of apartment units under the Ascott brand from 804 to 1,600 by 2022.
CLI Chief Executive Officer Jose Soberano III said the sites being eyed for the new Ascott development 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 after the signing of a memorandum of understanding at The Ascott Makati in Makati City.
Kevin Goh, Chief Executive Officer at The Ascott Ltd., said: “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.”
The Ascott Ltd., one of the leading international serviced residence owner-operators, is the largest hospitality player with 20 properties offering more than 4,300 units in the Philippines. (PNA)
