Boutique developer, partner launch hotel lease program for investors
As Bonifacio Global City (BGC) continues to rise as one of the top commercial and residential hubs in Metro Manila, there is a need for more upscale accommodations for tourists and business travelers in the area.
Novel Residential Concepts president Roberto Alvarez Jr. 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 hosts any hotels for the convenience of tourists and motorists.”
This is why Novel Residential Concepts and C-5 Mansions Development Corporation have launched a partnership towards the development and management of an innovative hotel investment property a few steps away from SM Aura in BGC.
The Aspen Hotel aims to fill a big gap in the market and will cater to businessmen, expatriates and Filipino families starting in 2022. Aspen Hotel will occupy the 14th to 19th floors of C-5 Mansions’ Ridgewood Towers Premier project, which is now under construction across the British and Korean Embassies.
The partner firms are now opening the project to investors so that they can participate in Aspen Hotel’s development under an automatic hotel lease agreement. With the strong opportunity to take part in BGC’s growth, the hotel’s 186 units, comprised mainly of studio and one-bedroom units, are being offered to long-term investors starting at about P3.5 million each. This is already inclusive of the unit cost, fit- out cost and miscellaneous fees.
All units will be automatically fitted out and automatically leased out to Novel, which guarantees investors a minimum six percent per anum return to be paid out semi-annually. Investors are also set to profit more if the hotel registers high occupancy rates via bonus rates at up to another six percent for a total of up to 12 percent return per year.
The well-appointed rooms have large-cut formats which offer the comforts and luxury of a hotel, thereby making guests feel right at home. The property will offer a polished and stylish look with a welcoming vibe that is translated not only by the rooms and amenities, but also by hotel staff that are ready to accommodate and provide assistance to guests.
To further ensure the comfort and convenience of its guests within a luxurious ambience, it will offer facilities such as private lobby, an all-day restaurant and function rooms for meetings at the second floor. Other leisure facilities include a lap pool, gym, kiddie playroom, a private theater/game room, and a sky garden with a sweeping vista of BGC.
At present, the assumed daily rate of P3,500 upon the hotel’s opening is seen as a big market draw, as it is competitive with the other hotel properties in the area. “While of course the daily rate may change depending on the market conditions once we start operating in 2022, we are confident that our target market will enjoy the premium affordability that we are offering at Aspen Hotel vis-à-vis other hotel operators in and near BGC,” Alvarez explained.