Century Properties launches Novotel Suites Manila
Ownership scheme FOR hotel units up for grabs
Century Properties Group, through its subsidiary Century Limitless Corporation (CLC), launched this week the Novotel Suites Manila, in partnership with international hotel group, AccorHotels. The development is targeted for completion in 2019.
“This project plays a significant part in the company’s thrust to push towards the allied sectors of real estate development, which are leisure and hospitality,”, said Tim Hallett, chief operating officer of Century Hospitality and Leisure, Inc. “We made sure to do this right by partnering with a globally trusted name in hotel management.
“We are confident about the project’s quality and competitive edge, as well as its ability to serve the country’s fast growing tourism sector,” added Patrick Basset, chief operating officer for AccorHotels Thailand, Vietnam, South Korea, Cambodia, Laos, Myanmar, and the Philippines. “We are excited to join hands with Century Properties to develop a Novotel Suites hotel in the Philippines. 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.”
Novotel is a 4-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.
The tower will rise 41 storeys high and will be the 6th tower of Acqua Private Residences in Mandaluyong City. It will be located right across Makati City via the Estrella-Panteleon Bridge.
The 41-storey tower will be divided into 2 areas. There are approximately 149 units of residences available for full residential ownership in the tower ,and 310 Novotel Suites. Century revealed that fractions of hotel units will be sold as preferred shares under the Century Fractional Ownership Program by Century Acqua Lifestyle Corporation (CALC), a wholly-owned subsidiary of CLC. The remaining hotel units will be retained by CLC.
“We are introducing to the country the concept of fractional ownership for a hotel real estate property,” said Hallet.. “This gives the subscribers of the preferred shares a number of usage nights in the hotel in a year, with the remainder of the fractional being leased out. Owners will then be able to enjoy the benefit of a financial return on the lease.”
Source: Manila Standard Today
| June 26, 2015
Back to Press