Century Properties Unveils First Hotel Project
Century Properties is looking to spend P6 billion to P8 billion annually for its tourism-related business as the company jumpstarts its investments in the sector.
“We’re allocating P6 billion to P8 billion a year for tourism. We see the portfolio to at least double from the present projects” Jose E.B. Antonio, Century Properties chairman, said yesterday at the sidelines of the launch of its pilot hotel venture.
The company formally unveiled its Novotel Suites, a 450-room all suite and hotel joint venture with French hotelier Accor Group, which will rise on the former’s Acqua Residences project in Mandaluyong City.
Novotel Suites Manila at Acqua, set to be completed by 2019, is Century Properties’ first hotel venture and what it calls the next frontier in the sector, leisure and hospitality.
“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. We made sure to do this right by partnering with a globally trusted name in hotel management,” said Tim Hallett, Century Hospitality and Leisure, Inc. chief operating officer.
“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 Hallett.
Novotel, a four-star hotel brand under the AccorHotels group, offers spacious suite-type rooms that 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 and for all lengths of stays.
AccorHotels is present in 92 countries in Europe and Asia Pacific with more than 3,700 hotels and 480,000 rooms. Accor’s hotel portfolio includes Sofitel, Pullman, MGallery, Grand Mercure, Novotel, The Sebel, Mercure, Adagio, ibis, ibis Styles, ibis budget and hotelF1, apart from Novotel Suites.
Novotel Suites Manila at Acqua is the last development in Century Properties’ six-tower Acqua Private Residences in Mandaluyong City. Rising 41 storeys, it is located right across Makati City via the Estrella-Panteleon bridge that connects Mandaluyong and Makati and a few paces away from the Rockwell business district.
Novotel Suites Manila at Acqua is divided into 2 areas, approximately 149 units of residences and 310 hotel suites, 152 of which will be owned and sold as preferred shares by Century Acqua Lifestyle Corp. (CALC) under its Century Fractional Ownership Program and 158 units retained by Century Limitless Corp. (CLC).
A subsidiary of Century Properties, CLC is the developer of the entire Acqua Private Residences.
Century Properties said the CLC-retained units and the units owned by CALC will be operated as an “All-Suite Hotel and Serviced Apartment” under Novotel. The Century Fractional Ownership Program allows buyers of the preferred shares to use and occupy, for 28 nights a year, rooms owned by CALC.
“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,” Century Properties said.
Novotel Suites Manila at Acqua offers a studio at 31 square meters in size, one-bedroom deluxe at 46 sq. m., one-bedroom superior at 76 sq. m. and one-bedroom premier at 87 sq. m.
Century Properties said the fractional ownership model is different from a timeshare scheme, which usually comes without ownership and is limited to the usage rights of the property.
| June 23, 2015
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