CLI boosts portfolio with Ascott tie-up
ASIDE from expanding its footprint in Mindanao, Cebu Landmasters Inc. has also increased its hotel portfolio after it signed its third management agreement with The Ascott Limited for lyf Cebu City, a 153-room serviced residence targeted toward the booming local and foreign millennial market in the metropolitan.
Ascott’s lyf is its latest brand designed for the growing wave or millennial and millennial-minded travelers, a project expected to bring CLI’s hotel portfolio to around 400 rooms in the next four years.
“The growth potential offered by tourism is very promising and we are very happy to be teaming up for the third time with The Ascott Limited for this project set to introduce new industry benchmarks,” CLI chairman and chief executive officer Jose Soberano III said during the signing of the agreement last December 6.
Two other CLI properties will carry Ascott’s brand Citadines to cater to leisure travelers and young professionals who are on the move.
These are the 180-room Citadines Cebu City at the Base Line Center set for completion in 2018, and the 250-room Citadines Riverside Davao expected to be operational by 2021.
With these components, lyf Cebu City aims to attract technopreneurs, millennials working in start-ups, as well as individuals involved in music, media, and fashion.
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