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Filinvest’s foray into condotel model pays off

(The Philippine Star) | Updated April 13, 2013 - 12:00am
MANILA, Philippines - Premium property developer Filinvest Land Inc. has started distributing the first rental income from the condotel component of its Grand Cenia Residences to qualified owner-investors of the units forming part of the Quest Hotel & Conference Center in Cebu City.
The distributable rental income represents the share of each qualified condotel unit owner-investor from hotel earnings during its soft opening period to early operations, February to December 2012.  The investment allows condotel owner-investors to earn from Cebu’s bullish hotel business, generating a steady flow of recurring income with a possible upside on the real estate’s value appreciation.
Condotel owner-investors who paid at least 20 percent of the total unit price with complete contract documents not later than Dec. 31, 2012 can claim their dividends in the form of a check at Prosper office. Prosper, the condotel management company of Filinvest, started releasing the dividends on Feb. 11, 2013.
“Quest Hotel has attained an average monthly room occupancy rate of 68 percent of the total opened rooms during its soft opening,” says James Montenegro, area general manager of Quest Hotel & Conference Center. “Quest is confident that as it continually gains its reputation as a business hotel with premium service and excellent location, its room occupancy and revenue performance will continue to grow.”
Montenegro adds: “The management is also confident on Cebu’s flourishing tourism as one of the important drivers in its condotel business’s success.”
Quest Hotel, a member of the international chain of hotels by Aston International, forms part of the 25-storey Grand Cenia along Archbishop Reyes Avenue across the Cebu Business Park. The 119 residential condominium units are in the 19th to 25th floors while 432 condotel units are in the 8th to 18th floors.
The top seven floors above the hotel offer one-bedroom, two-bedroom, and three-bedroom premium condominium units that provide a comfortable lifestyle and commanding views of the city. The units range from 57 to 110 square meters and boasts of dining, living and receiving areas, kitchen and toilet and bath. The two and three-bedroom units also have a utility/maid’s room.
The condotel units managed by Aston are available for Grand Cenia unit owner-investors, who will enjoy monthly guaranteed income from hotel operations. Grand Cenia owner-investors can also avail of 14 free room nights in a year and enjoy a wide range of hotel amenities and facilities such as business centers, restaurants, lap and kiddie pools, landscaped gardens, and fitness gym.  Residential unit owners can join, for a nominal fee, the Quest Privilege Club and be entitled to special discounts at the rooms, food and beverage, and use of business center facilities at Quest Hotel & Conference Center Cebu. 
Located right across Cebu Business Park and Ayala Center-Cebu, Grand Cenia is at the heart of Cebu’s commercial district. It is just a few minutes away from Cebu IT Park, Cebu’s bustling BPO hub and SM City. Educational and medical institutions like University of Cebu and Cebu Doctors Hospital are also nearby.
Grand Cenia is only one of the developments of Filinvest in Cebu. The company and the Cebu City government have also jointly-developed Citta di Mare (City by the Sea), a seaside residential community with a waterfront lifestyle strip at the South Road Properties. The 50.4-hectare Citta di Mare captures the charms of resort living with its majestic views of Mactan’s coast and Cebu’s mountains.
Filinvest is also developing the three-hectare One Oasis Cebu, an exclusive, resort-style, mid-rise condominium community in upscale Mabolo district, just five minutes away from the Cebu Business Park and Asiatown IT Park.
Filinvest has built more than 135,000 homes on over 2,350 hectares of land for almost 50 years in line with its mission of building the Filipino dream of quality homes.

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