THE Abaca Group, which is known for its luxury resort and restaurants, is setting aside P180 million for its planned business expansions in Cebu.
By 2016, The Abaca Group founder Jason Hyatt said they will have a total of 13 restaurants and 169 rooms.
“We are banking on several growth factors in Cebu to increase our presence here. First, Cebu’s market has dramatically changed the past 10 years, now you see an expanding middle market. Second, the international airport is expanding and lastly, you see huge developments left and right, such as the Mactan Newtown, which all open opportunities for growth,” said Hyatt in an interview last week.
Hyatt formally introduced to the media The Abaca Baking Company (ABC) Cafe and Coffee, its latest dining concept, described as “strictly from scratch bakery.” It replaced the A Cafè in Crossroads, Banilad.
The group also owns and operates Abaca Boutique Resort and Restaurant, Maya Mexican Restaurant, Tavolata Italian Restaurant, Phat Pho Vietnamese Kitchen and Beqaa Middle Eastern Restaurant.
The firm, which introduced unique dining concepts in Cebu, maintains a partnership with local farmers here who grow all their greens, heirloom tomatoes and vegetables. The company said 60 percent of their vegetables and herbs are organic.
According to Hyatt, the lucrative restaurant and accommodation businesses in Cebu are something that cannot be overlooked, especially that the province has continued to become an investment and tourism draw.
He said, however, that aside from being associated with that category, the company also plans to cater to a wider market segment.
“Given the intense competition, we cannot only appeal to specific demographic. We should appeal to a wider market,” said Hyatt. He also said they plan to expand The ABC by opening branches around the city.
The company is also opening soon a 160 luxury room hotel in a 24-storey condominium tower called The Reef, which is currently being built in Mactan.
Hyatt said he and his business partners will lease two floors of the condo tower that will be opening and operating by the third quarter of 2016. The group also plans to embark on a leasing venture with the development of the condo’s second tower.