CEBU-based property developer Priland Development Corp. is open to venture into hotel projects to ride on Cebu’s tourism wave.
Besides owning prime lots in the city center for office and residential use, Priland president Ramon Carlo Yap said they are also interested in building rooms to accommodate the growing number of tourists visiting Cebu.
The company owns properties in Mactan Island, one with a beachfront location, which can be converted into a hotel or condominium project or a combination of the two.
“We are open to hotel investment. But, this is still in the pipeline,” said Yap, adding that the company remains robust in diversifying their real estate portfolio, which now includes condominium and mixed-use (office and condo) towers.
If the Mactan project is realized, this will be Priland’s first venture in the hotel industry.
Colliers International Philippines is encouraging developers with massive landbank in Mactan and Mandaue City to pursue resort-oriented projects.
In its latest study, Colliers pointed out that “developing more leisure estates is a practical route for local and national developers trying to capture Cebu’s booming tourism sector.” Colliers suggested Cebu build more hotel rooms to house incoming guests who stay for at least three nights.
Cebu tallied 10,000 rooms with tourists at 4.9 million last year, which sustained hotel occupancy of 78 percent, higher than the 70 percent recorded in 2016.
To further capture opportunities in tourism, Colliers encouraged local developers with limited experience in operating hotels to team up with foreign brands.
“Given the surge in foreign visitors, Colliers believes that Cebu is becoming a feasible market for internationally recognized accommodation,” it said.
Besides the condo-office tower Vertex, Priland is set to develop five more projects this year. Yap said they are earmarking an estimated investment of P4 billion to P5 billion to build these projects.
He also disclosed the company’s plan to build a light industrial park in Consolacion.
Yap said they remain confident in expanding their projects in Cebu as the province’s economy show no signs of slowing down. (KOC)