Filinvest announces 40% hike in rent income share

By: Aileen Garcia-Yap April 23,2014 - 10:34 AM

FILINVEST Land Inc. has announced a 40 percent year-on-year increase on the rental income share of unit owners of its Grand Cenia Condotel property in Cebu City.

In a news conference, Crimson Resort and Spa and Quest Hotel area general manager James Montenegro said they have released the highest rental income share to their investors this quarter.

“It’s like renting out a studio apartment in Manila which is about P24,000 a month. That’s the highest so far since we started operations,” said Montenegro.

A total of 432 units are being operated and managed by Filinvest as a hotel under the Quest brand. The Quest Hotel is a member of the international chain hotels by Aston International. It forms part of the 25-story Grand Cenia along Archbishop Reyes Ave. across Cebu Business Park.
The 119 residential condominium units are on the 19th to 25th floors while 432 condotel units are on the 8th to 18th floors.

“Our condotel units owners are now realizing their profit from their investment with their receipt of the quarterly rental income share.” said Filinvest Land first vice-president Tristan Las Marias in a statement.

The hotel distributes rental income to each qualified condotel unit owner on a quarterly basis.

The release of the rental income share for the first quarter was the 6th rental income distribution for the hotel since it started commercial operations last quarter of 2012.

Investors in the condotel property is a mix of foreigners, overseas workers, and local investors from Cebu and other cities and provinces like Manila, Bacolod, Davao and Leyte.

Montenegro said that the significant increase in the rental income share for each qualified condotel unit owner is due to the high average occupancy performance of the hotel for the quarter at 80 percent.

“This is the best so far since the hotel started operations fueled by the various city-wide events like the Sinulog Festival, Chinese New Year, and Valentine’s Day, all happening during the first quarter and also to your hotel’s ability to attract more and more returning guests and longer-staying corporate clients during the period,” said Montenegro. /with UP intern Nina Bianca Sayson

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