Century Properties debuts into hotel business
Offers 'fractional' ownership of Novotel Suites to rise at Acqua
AS CENTURY Properties debuts into hotel property development, the Antonio family-led property developer is pioneering a scheme to allow investors to acquire “fractional” ownership of about half of 310 Novotel-branded hotel suites to rise at Acqua Private Residences in Mandaluyong City by 2019.
Century Properties Group (CPG), through subsidiary Century Limitless Corp., signed on Monday a partnership with leading international hotel management group Accor to open an all-suite Novotel Suites Manila at Acqua, a 41-storey building which will be the sixth and last skyscraper to rise at this estate. The final tower at Acqua will offer a mix of hotel and residential units.
This venture is in line with CPG’s portfolio diversification into the allied real estate segments of leisure and tourism. By 2020, CPG expects to have four major business legs evenly contributing to earnings, diversifying from its current concentration on vertical or high-rise residential development. Tourism-related property is one of the new segments being developed by CPG alongside horizontal or subdivision-type housing development and commercial property development.
Under its vision for the year 2020, CPG expects to double its property portfolio, thereby likewise doubling revenues and net profit by 2020, CPG founder and chair Jose Antonio told reporters after the company’s stockholders briefing on Monday.
For the 41-storey Novotel Suites at Acqua, the building will be divided into two areas. There will be about 149 residential units and 310 Novotel suites, 152 of which will be owned and sold as preferred shares under the “fractional” ownership scheme.
There are a total of 608 board lots within four types of preferred shares to be offered by Century Acqua Lifestyle Corp. (CALC), which will own the 152 hotel suites included in the “fractional” ownership scheme. There will be 13 shares per lot, which means CALC can offer a total of 7,904 shares at a price of P167,000 to P450,000. Price per board lot or for all 13 shares starts at P2 million to about P5.7 million.
A CPG subsidiary Century Limitless Corp., likewise the developer of the building, will retain ownership of 158 units for its recurring income portfolio.
The first of its kind in the Philippines, the fractional ownership program entitles preferred shareholders to customized luxury vacation and business stay in the 152 units owned by CALC in Novotel Suites Manila, the option to enjoy multiple vacation destinations worldwide, hassle-free property management, and an annual return from the lease of the CALC-owned units.
Preferred shareholders are entitled to use for 28 nights a year the rooms owned by CALC in Novotel Suites Manila. The room entitlement of the Preferred Shareholder shall correspond to the class of Preferred Share held. Preferred Shareholders are also entitled to a share in the net room rental revenue at the rate of 40 percent for all of the 152 CALC-owned units.
The preferred shareholders will also be given a five-year complimentary international membership starting on the date of turnover qualifying for an exchange program under “Accor Plus Membership,” giving access and preferred rates at 600 of Accor Hotels in Asia Pacific. They will also be given 24/7 discounts and dining privileges at Novotel Suites Manila, hotel signing privileges and access to private residents’ lounge, library, gym and pool.
Novotel is a four-star international brand for business and leisure travelers, with 414 hotels and 79,220 rooms located in major international cities, business districts and tourist destinations in 61 countries worldwide. As a member of the Novotel family brand, Novotel Suites offer suite-type rooms that are spacious and can be adapted into a working area or reception room. The rooms come with a kitchenette, separate toilet and washbasin from the bathroom, high-speed Internet access, and amenities that cater to all types of guests, whether for short-term or long-term stay.
“This partnership (with Accor) is in line with our company’s thrust to support the growth of tourism in the Philippines, to use our extensive experience in developing premium residential spaces to deliver quality hotel projects, and to strengthen our portfolio while we create value for the company and our shareholders,” said CPG chief operating officer Marco Antonio.
Patrick Basset, Chief Operating Officer for AccorHotels Thailand, Vietnam, South Korea, Cambodia, Laos, Myanmar, and the Philippines, said: “We are excited to collaborate with Century Properties to develop a Novotel Suites hotel in the Philippines and appreciate the trust they have in our hospitality expertise. Once complete, this all-suite hotel will combine the latest design and innovation to create a perfect hotel for leisure, business and long stay guests looking to stay in the proximity of Makati.”
There are 11 floors dedicated for residential suits and 22 floors for hotel suites. Three floors are dedicated for the amenities and common areas.
The types of hotel suites to be offered at Novotel Suites Manila are as follows:
– Studio unit with about 31 square meters (sqm) for two adults plus two children on a sofa bed;
– one-bedroom deluxe unit with about 46 sqms for three adults or two adults with up to two children on a sofa bed;
– one-bedroom superior unit with 76 sqms for three adults or two adults with up to two children on a sofa bed; and,
– one-bedroom premier unit with about 87 sqms for three to six adults or two to four adults with up to three children.
Source: Philippine Daily Inquirer
| June 22, 2015
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