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Robinsons Land to build high-end hotel in Cebu

Posted on May 20, 2011 06:17:07 PM [ BusinessWorld Online ]

GOKONGWEI-LED Robinsons Land Corp. plans to build a high-end hotel in Cebu this year, its fifth in the country, a top executive said on Friday.
"We are looking at a 200-room hotel with a large convention facility in Cebu as part of the AmiSa brand development," Robinsons Land President Frederick D. Go told reporters in a chance interview, referring to the masterplanned community in Mactan Island, Cebu.

Mr. Go said the five-star hotel will complement its existing portfolio of "deluxe" hotels: Crowne Plaza Galleria and Holiday Inn Galleria in Ortigas Business District in Pasig, the Cebu Midtown Hotel and Summit Ridge Hotel in Tagaytay, Cavite.

These are apart from the budget facilities the company runs under the brand.

"What we are looking at for this property is if we do not find an operator, we will call it Summit Hotel," Mr. Go said, adding that the company is in talks with three hotel chains.

Around two hectares in AmiSa will be allotted to the new hotel, which will offer rooms at $100-120 per night, Mr. Go said.

The new hotel development will cater to leisure travellers and business segment with the convention center slated to open by 2013.

Mr. Go said the 200-room Cebu Midtown Hotel is also under redevelopment. It will be re-branded as Summit Circle.

Also on Friday, Robinsons Land listed 1.36 billion new common shares on the local bourse. The shares were sold to existing stockholders last month, allowing the company to raise P13.64 billion in fresh capital from a two-for-one stock offer.

Robinsons Land had earlier said it intends to use the majority of its net proceeds from the offer to finance the acquisition of land and for its mixed-use property developments like malls, condominiums, hotels and offices in Metro Manila and in the region.

Shares in the property developer -- whose profits in the first-half fiscal year that will end in September climbed by 13% to P2.04 billion -- fell by 1.4% to P12.72 each on Friday. -- NJCM

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