Century Properties to develop Novotel Suites Manila
Century Properties partnered with AccorHotels to open its first hotel at Acqua in 2019
Century Properties Group, Inc., through its subsidiary Century Limitless Corporation, has partnered with AccorHotels to develop Novotel Suites Manila in Acqua Private Residences in Mandaluyong City.
This is in line with the group’s portfolio diversification into the allied real estate segments of leisure and tourism, which the company has identified as a structural growth area for the Philippine economy.
In a press briefing, Century Properties Chief Operating Officer Marco R. Antonio said the company’s first hotel development is estimated to be completed in 2019.
Novotel Suites Manila will be located in the sixth tower of Acqua, which is a four-star and 310-unit all-suite hotel and residential mixed-used property.
“This partnership 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,” Antonio said.
Novotel’s 41-storey tower will have 149 units of residences and 310 Novotel Suites, 152 of which will be owned and sold as preferred shares through the Century Fractional Ownership Program (CFOP) by Century Acqua Lifestyle Corporation (CALC), a subsidiary of Century Limitless Corporation (CLC), while 158 hotel units will be retained by CLC.
The CFOP, the first of its kind in the country, allows the purchase of preferred shares of CALC.
Preferred shareholders under the program are entitled to customized luxury vacation and business stays in 152 units owned by CALC in Novotel Suites Manila at Acqua, the option to enjoy multiple vacation destinations worldwide and hassle-free property management.
Century Properties said the total revenues from the sales of both residential and fractional ownership units are approximately P2.9 billion.
Twenty-two floors of the sixth Acqua building will be occupied by the hotel and fractional-ownership units while the 11 floors will be devoted to residential units.
“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,” Patrick Basset, Chief Operating Officer for AccorHotels Thailand, Vietnam, South Korea, Cambodia, Laos, Myanmar, and the Philippines, said.
Tim Hallet, Chief Operating Officer for Century Properties Hospitality, Inc., added Novotel Suites Manila at Acqua is well positioned for the country’s fast-growing tourism industry, citing good location, great service, convenience and modern yet highly functional accommodations.
Foreign visitor arrivals, which grew 3.25 percent to 4.8 million in 2014 and the 44 million-strong number of domestic tourists, coupled by healthy growth forecasts on tourist arrivals until 2030 for emerging economies in Asia, are all contributing to Metro Manila’s hotel boom.
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.
Source: Manila Bulletin
| June 22, 2015
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