[ manilastandardtoday.com] May 22-23, 2011
Real estate developer Robinsons Land Corp. is building a 200-room deluxe hotel in Mactan, Cebu province.
Robinsons Land president Frederick Go told reporters Friday that the company, a unit of conglomerate JG Summit Holdings Inc., would start construction of the hotel within the year for completion in 2013. This will be the company’s fifth hotel in the country and the second in Cebu.
The hotel is located within the Ami-Sa development, a master-planned, six-hectare leisure residential community project being developed by Robinsons Land.
Go said the company was in talks with an international operator to manage the upcoming hotel.
Go said it could opt to name the hotel under the company’s Summit brand. He said the hotel would cater to the upscale market, with room rates ranging from $100 to $120 a night.
Excluding its budget hotel under the Go-Hotels brand, Robinsons Land owns four hotels. These are Crowne Plaza in Ortigas, Holiday Inn also in Ortigas, Summit Ridge in Tagaytay and Cebu Midtown Hotel in Cebu.
Meanwhile, Go said the company was renovating 200-room Cebu Midtown Hotel, which would be rebranded Summit.
Robinsons Land plans to build at least 30 budget hotels over the next five years, with 20 to be built by a franchisee and 10 by the company.
Robinsons Land on Friday listed an additional 1.3 billion shares offered to existing stockholders during a stock rights offering.
The company plans to use over 50 percent of the total proceeds amounting to P13 billion to acquire properties for future development and spend the balance for construction of additional shopping malls, residential condominiums and office buildings.
Robinsons Land posted a net income of P2.03 billion in the first six months ending March this year, up 13 percent year-on-year, on higher real estate revenues.
Consolidated revenues rose 13 percent to P6.3 billion due to growth posted by the business units in residential, hotels and commercial centers. Jenniffer B. Austria
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