Five-star ho­tel in Davao to be com­pleted by Q1

Business World - - CORPORATE NEWS - Q. Fran­cisco Carmelito

DAVAO CITY — Torre Lorenzo De­vel­op­ment Corp. (TLDC), with part­ner Thai ho­tel chain Dusit In­ter­na­tional, is set to fin­ish the con­struc­tion of its five-star ho­tel here by the first quar­ter of 2018.

The dusitD2 ho­tel, which will have 120 rooms and a 1,000-ca­pac­ity ball­room, will be have a soft open­ing for six months be­fore start­ing full op­er­a­tions, ac­cord­ing to TLDC Pres­i­dent To­mas P. Lorenzo.

Mr. Lorenzo said the project, which also in­cludes a high- end ser­viced apart­ments called Dusit Thani Res­i­dences, aims to set the “lux­ury” stan­dards in Davao.

“I am not em­bar­rassed to say that lux­ury and five star comes with a price, and our price is prob­a­bly the most ex­pen­sive that you will find in Davao right now,” Mr. Lorenzo said at Thurs­day’s top­ping-off cer­e­mony for Dusit Thani Res­i­dences. He noted the ho­tel rates and the con­do­minium unit prices are at the same lev­els of sim­i­lar de­vel­op­ments in Makati City, Boni­fa­cio Global City, and Pasig City.

Mr. Lorenzo said there is a ready mar­ket for high-end prop­er­ties in the city, with 50% of the Dusit Thani Res­i­dences’ 175 units al­ready sold. This is the Dusit’s first res­i­den­tial ven­ture in the Philip­pines, tar­geted for com­ple­tion also within 2018.

Eve­lyn R. Sing­son, vice-chair and pres­i­dent of Philip­pine Hote­liers, Inc. which is in charge of the Dusit Thani brand, said they con­sider the Davao project a good ven­ture as TLDC “saw the op­por­tu­nity and mar­ket vac­uum that ex­isted.”

Ms. Sing­son also said the pres­ence of Dusit Thani in the city will be a cat­a­lyst for other in­dus­try play­ers to up­grade fa­cil­i­ties and ser­vices.

“All the ho­tels that are op­er­at­ing here for sure will have to up­grade and ren­o­vate if they want to be com­pet­i­tive, and all the ho­tels will be com­ing here will have to match (the stan­dards set by the project),” she said. “Ex­pen­sive is not ex­pen­sive if you are get­ting the value in re­turn.” —

Newspapers in English

Newspapers from Philippines

© PressReader. All rights reserved.