SECURITY Bank Corporation (SBC) and Limketkai Hotel and Resort Corporation (LHRC) recently signed a P750-million term loan partnership to fund the construction of an 18-storey, 224-room hotel and resort development project within the company’s 30-hectare commercial complex in Lapasan in Cagayan de Oro City.

The hotel project is Limketkai’s response to provide first-class facilities that will cater to Cagayan de Oro’s thriving business sector and tourism industry.

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Construction of the hotel would start this year and is expected to be operational by late 2011 or early 2012.

Upon completion, the hotel will dominate the cityscape as the tallest structure in Mindanao.

Security Bank recognizes the rapid growth prospect for the property industry in Cagayan de Oro and supports the Limketkai Group’s vision to expand its portfolio to make Limketkai Center, the city’s most prestigious business address and the most modern commercial complex in Northern Mindanao.