MANILA — A group of real estate developer and hotel operators are taking advantage of the growing number of business travelers and tourists in the Philippines, as they launched an “affordable luxury hotel” in Bonifacio Global City (BGC), Taguig City.
C-5 Mansions Development Corp. and Novel Residential Concepts, Inc. are partnering to develop Aspen Hotel.
In their partnership, C-5 Mansions Development is providing six floors of its Ridgewood Towers Premier to Novel Residential, which will develop and operate the Aspen Hotel.
Novel Residential president Roberto Alvarez Jr. said Aspen Hotel will have 186 rooms, comprised of one-bedroom and two-bedroom suites.
The hotel will also have function rooms, lap pool, gym, kiddie playroom, private theater, and sky garden, Alvarez said.
“Currently, 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 side hardly host any hotels for the convenience of tourists travelers,” he added.
C-5 Mansions Development general manager Alfonso Keh Jr. said the Ridgewood Towers Premier project is set to be completed by 2022, and the six floors for Aspen Hotel will be awarded by then.
Keh mentioned that what is unique about Aspen Hotel is that it will provide “premium product and services at an affordable price”, which is around 30 percent lower than the hotel rates in the BGC business district.
Keh said hotel rate at Aspen Hotel will be around PHP3,500 per day. However, the business model of Aspen Hotel would be different.
Novel Residential’s Alvarez explained that the company will be pre-selling the 186 hotel rooms at around PHP3.5 million per unit.
Under the agreement, all units will be fitted out and leased out upon turnover to Novel.
The hotel operator guarantees the unit buyer a share of at least 6 percent per annum rental rate based on the total unit cost, he said.
He added that investors will also have higher yield if the hotel registers high occupancy rate through bonus rates.(PNA)
