Does ‘fractional ownership’ of a hotel suite ring a bell?
Can you imagine yourself a shareholder of a luxury hotel unit that you would be entitled to use and occupy for 28 nights a year? Then, to top it off, can you see yourself enjoying a net room rental revenue of 40 percent for that unit, plus accommodations for hotel stay exchanges and dining benefits at over 500 hotels and resorts around the world?
After launching its first-ever hotel project, the Novotel Suites Manila at Acqua Private Residences in Mandaluyong, Century Properties Group, through its subsidiary Century Limitless Corp. (CLC), launched on June 23 at Century City Mall in Makati City the business concept of fractional ownership in a hotel property. In fractional ownership program offered by Century Acqua Lifestyle Corp. (CALC) (a wholly owned subsidiary of CLC), shareholders are entitled to customized luxury vacation and business stays in units owned by CALC in Novotel Suites Manila. This shared ownership program for Novotel Suites—being offered by CALC—is said to be the first of its kind in the country.
The 41-story Novotel Suites Manila, which is targeted for completion in 2019, is the sixth and final tower within Acqua Private Residences on Coronado Street in Barangay Hulo, Mandaluyong City. It’s immediately accessible to and from Makati City via the Estrella-Pantaleon and the Makati-Mandaluyong bridges.
The tower will be divided into two distinct areas. There will be 149 units for full residential ownership, and 310 Novotel Suites units.
4-star int’l brand
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.
Marco Antonio, Century Properties’ chief operating officer, announced during the press launch that CLC is partnering with the Accor Group for Novotel Suites Manila, which would provide first-class 4-star hospitality services to owners and guests. Accor is one of the world’s top 6 hotel brands and management companies.
“We trust in the global hotel management expertise of Accor and the strength of the Novotel brand, which has served leisure and business travelers worldwide for more than 40 years,” Antonio said.
Novotel Suites offer suite-type rooms that are spacious and adaptable into working or reception areas. The rooms come with a kitchenette, a bathroom with separate toilet and washbasin, high-speed Internet access and amenities that cater to all types of guests and for all lengths of stay. Model units were shown to members of the media after the launch.
There are four unit types to choose from, and as of launch time, these are the going prices: the 32-sqm studio is at P2,166,671; a 47-sqm Deluxe one-bedroom goes for P3,105,557; a 76-sqm Superior one-bedroom is P4,983,329; and the 87-sqm Premier one-bedroom is P5,777,772.
CALC chair Tim Hallet, also Century Properties’ COO for Hospitality, told the press that the concept of fractional ownership “gives subscribers of the preferred shares a number of usage units 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.”
Antonio said the Century Properties Group “will actively participate in the tourism industry through leisure and tourism developments.”
Antonio said: “Identified as the country’s next potentially great economic driver is the tourism sector. We’ve seen the rise in foreign visits—4.8 million strong and projected to rise up to 10 million in a few years. And that’s not all. Local tourism numbers is a vast well of opportunities. Over 40 million Filipinos make up the entire local tourism market. That massive number alone can help sustain the sector.”
For inquiries, go to www.novotelsuitesmanila.com/fractional-ownership.
Source: Philippine Daily Inquirer
| June 27, 2015
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