Century Properties ventures into hotel development
MANILA, Philippines - Century Properties Group Inc. is undertaking its first hotel development through a partnership with one of the world’s most renowned hotel groups.
The upscale real estate firm of former ambassador Jose E.B. Antonio said it is teaming up with AccorHotels to put up a Novotel hotel in Century Properties’ Acqua Private Residences in Mandaluyong.
Novotel Suites Manila will be a four-star, 310-unit all-suite hotel and residential mixed-used property slated for completion in 2019.
Century Properties said bringing the Novotel brand in its portfolio is part of the company’s plan to diversify into the allied real estate segments of leisure and tourism which it has identified as a structural growth area for the Philippine economy.
“Century is proud to officially announce its strategic partnership with AccorHotels for Novotel Suites Manila at Acqua, on the back of a healthy outlook on the Philippines’ tourism and hospitality sector. 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,” said Marco R. Antonio, Century Properties Group chief operating officer.
“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,” added Patrick Basset, AccorHotels chief operating officer for Thailand, Vietnam, South Korea, Cambodia, Laos, Myanmar and the Philippines.
AccorHotels’ broad portfolio of brands include Sofitel, Pullman, MGallery, Grand Mercure, Novotel, Novotel Suites, The Sebel, Mercure, Adagio, ibis, ibis Styles, ibis budget and hotelF1.
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.
Century Properties said Novotel Suites Manila will feature a hybrid of hotel suites, residential units for full ownership, and preferred shares as fractional ownership of hotel units.
The firm said approximately 152 units in the 41-story tower would be owned and sold as preferred shares through the Century Fractional Ownership Program by Century Acqua Lifestyle Corp. (CALC), a subsidiary of Century Limitless Corp. (CLC), while 158 hotel units will be retained by CLC.
“The first of its kind in the Philippines, the Century Fractional Ownership Program 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.
Total revenues from the sales of both residential and fractional ownership units are expected to reach P2.9 billion.
Twenty-two floors of the tower will be occupied by the hotel and fractional-ownership units while 11 floors will be devoted to residential units.
Source: The Philippine Star
| June 23, 2015
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