Cebu landmasters, Ascott ink mngm’t deal

Cebu Landmasters Inc. (CLI) has signed another serviced residence management agreement with The Ascott Limited.

In a disclosure to the Philippine Stock Exchange (PSE), CLI said it signed its third agreement with Ascott for “lyf Cebu City,” a 153room serviced residence which is targeting the local and foreign millennial tourists in Cebu City.

The latest agreement will bring CLI’s hotel portfolio to around 600 rooms in four years.

CLI chairman and CEO Jose R. Soberano III said the project is expected to benefit from the growing tourism market in the province.

“The growth potential offered by tourism is very promising and we are happy to be teaming up for the third time with The Ascott Limited in this project set to introduce new industry benchmarks,” Soberano said. He said with CLI, the Vis-Min markets are able to access the latest innovations in the property sector.

“Cebu Landmasters is committed to bring the latest to our Vis-Min markets, especially the influential and flourishing millennial generation, and to the other markets where hospitality continues to be in demand,” Soberano said.

The new residence will offer a range of apartment designs from 16 to 60 square meters. This will be located in Base Line Prestige, the third tower of CLI’s Base Line Center, a mixed-use development in the heart of Cebu City whose Towers 1 and 2 already topped off and are expected to be completed in 2018.

CLI said “lyf Cebu City” would be a fun, quirky and unique accommodation designed to promote collaboration and connection in a community.

There will be communal spaces, co-working areas that can be easily transformed into zones for workshops or social gatherings.

With these co-working areas, “lyf Cebu City” will target technopreneurs, millennials working in start-ups and individuals from music, media and fashion.

Citing a study by the Department of Tourism, CLI said CebuMactan would have a room gap of 14,931 by 2022.