By Zinnia B. Dela Peña (The Philippine Star) Updated July 26, 2010 12:00 AM
MANILA, Philippines - JTKC Land Inc., the property arm of the Tiu Group which owns the Discovery chain of hotels in the country, is planning to build a businessman’s hotel in Bonifacio Global City.
On the sidelines of iRemit Inc.’s annual stockholders meeting Friday, John Y. Tiu Jr., project development director at JTKC Land, said the new hotel, which will be under a new brand, will rise on a 1,400-square meter lot near Bonifacio High Street.
Tiu said the new hotel will offer a total of 190 rooms, 36 of which will be full service residential apartment suites.
Construction of the hotel is targeted to begin early next year and may take two years to complete it, Tiu said.
“It’s going to be a boutique hotel. Prices may range from P7,000 to P8,000 per room per night,” he said.
Tiu said the company is also interested in tapping the REIT (Real Estate Investment Trust) market but pointed out that the plan is still under study.
JTKC Land’s flagship project, the 60-storey Discovery Primea is already 30 percent complete with the four levels of basement already constructed. Standing on the former Gilarmi Apartments along Ayala Avenue in Makati City, Discovery Primea is offering 90 units ranging from 383 to 680 square meters.
The Discovery brand started with Discovery Suites in Ortigas followed by Discovery Country Suites in Tagaytay and Discovery Shores in Boracay.
JTKC also owns the Mansiongroup, a pioneer in the serviced apartments industry which owns five of the finest and coziest hotels and residential suites in Manila and Makati City. Within the Manila tourist belt are the Boulevard Mansion, the Dakota Mansion and the Mabini Mansion.
The Tiu family also has investments in various companies involved in a wide range of industries from logistics to finance through Sterling Bank of Asia and leading non-bank remittance firm iRemit Inc.
The group is also into manufacturing of steel pipes and billets as well as vinyl floors.
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