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Investor’s thrust: Projects in Cebu’s hospitality sector

By: Jose Santino S. Bunachita August 31,2018 - 10:58 PM

Duros Land Properties Inc. officials led by Rafaelito and Fe Barino, the company’s founders, unveil a perspective of the Minore Center and Hotel project (above) at the 23 Minore Park in Barangay Mabolo, Cebu City during the August 25, 2018 groundbreaking of the project. After the unveiling, the Barinos also led the burying of the time capsule (right photo) at the project site.

Homegrown developer, Duros Land, rides tourism wave: Breaks ground for Minore Center and Hotel project

Responding to the growing tourism market in Cebu, more developers are pouring investments into hospitality-related structures.

The latest homegrown developer to ride the tourism wave is Duros Land Properties Inc. which recently broke ground for its Minore Center and Hotel in Cebu City.

Lydwena Eco, Duros Land president and chief executive officer, said they were venturing into the hospitality industry for their projects.
“Our thrust lately is going towards the hospitality industry. As we move towards the next few years for Duros Land Properties Inc. and the whole Duros Group, we are going towards the tourism industry,” she said.

Minore Center

The four-storey Minore Center and Hotel, located along Cardinal Rosales Ave. in Barangay Mabolo, Cebu City, is the developer’s third hospitality venture.

The Duros Group started testing the tourism market with their Padgett Place in Barangay Lahug, Cebu City which is operated by their subsidiary Cebu Green Peaks Development Inc.

By Sept. 22, Duros Land will also be opening their first resort project outside Cebu in the Municipality of General Luna in Siargao.
The resort will have 38 rooms.

Tourism market

Property management and research firm Colliers International Philippines earlier encouraged local developers to invest more in leisure facilities such as hotels to be able to get a share of the growing tourism market.

They cited the recent opening of the new Terminal 2 of the Mactan Cebu International Airport (MCIA), which is expected to increased the airport’s capacity to 12.5 million passengers a year.

“Colliers believes that aside from the influx of local and foreign tourists, the demand for more leisure investments such as hotels and serviced residences should be fueled by Cebu’s thriving sectors,” they said in a recent report.

Integrated dev’t

According to the project’s manager Ian Mantuhac, Minore Center and Hotel is expected to be up and operational by mid 2019.

It will provide an additional 42 rooms to Cebu’s hotel room inventory.

The mixed-use building will have a total of 7,500 square meters in gross floor area.

“Once finished, the Minore Center and Hotel will complete the integrated development of the 23 Minore Park,” Mantuhac said.

The two-hectare 23 Minore Park is composed of IEC Convention Center Cebu (IC3), Landers Superstore, the Chapel Park, and the yet to be constructed Minore Center and Hotel.

Aside from the 42-room hotel, it will also house a restaurant, and will have commercial retail and office spaces as well as basement parking.
The structure will also be physically connected to the IC3 through a walkway.

Biz boutique hotel

Although they were open to partnering with established hotel operators, Eco said that they were planning to operate Minore Center and Hotel on their own.

She said their experience with The Padgett Place had helped them develop an expertise into operating a hotel.

“When we started Padgett Place, no one knew how to operate a hotel. We learned it ourselves, and Padgett Place has been operating for two years now. Somehow, we are already familiar with this industry,” she said.

Duros Land is positioning Minore Center and Hotel as a business boutique hotel where rooms cost between P2,000 to P2,500 a night.

Eco pointed out that this kind of boutique hotel had been something that Cebu currently lacked and needed.

Despite being in a prime location, Duros Land has decided to limit their new structure to four floors.

The area where the entire 23 Minore Park is located is owned by the Roman Catholic Church of Cebu and has been acquired by Duros Land for 25 years under a usufruct agreement wherein they will be able to operate it for this period.

According to Eco, this was why they decided to limit the number of floors for Minore Center and Hotel so that they will be able to recover the capital expenditure they will be pouring within the 25-year period.

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TAGS: hospitality, hotel, investors, land, Projects, thrust

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