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Manila Bulletin devider Business devider The Stock Market devider CLI ramps up hotel expansion in preparation for REIT offering

CLI ramps up hotel expansion in preparation for REIT offering

Published Jan 31, 2025 07:45 am

VisMin developer Cebu Landmasters Inc. is aiming to grow its hotel portfolio by fivefold to almost 2,700 to 3,000 rooms in three years as part of plans to have enough recurring income assets for its planned real estate investment trust (REIT).

In an interview, CLI Chairman and CEO Jose Soberano III said they will be consolidating their hotel and other leasing assets and “to get some traction in terms of the revenues coming in, then we can do the REIT. Maybe three years down the road."

He added that, by then, “we should be hitting somewhere close to 3,000 room keys” since they are currently operating over 600 keys while their hotels under construction will add 1,700 keys.

CLI Executive Director and COO Jose Franco B. Soberano said total room keys will be 1,000 by the end of 2025 and 1,700 by the end of 2026 and after that, “we will add 1,000 more” consisting of a good mix of international brands and organic brands.

He noted that, “we’re still building six hotels and will be opening three this year for a total of seven and another three next year.”

CLI hotel openings this year will be Citadines Davao, Radisson Red in Mandaue, Cebu, and Abaca Resort in Mactan, Cebu. In 2026, it will be opening Sofitel Hotel, Mercure, and Magspeak Mountain Villas--all in Cebu.

The firm is also planning to develop more hotels in Panglao Island, Bohol, another hotel in Davao, and in Cagayan de Oro inside the Manresa university township.

CLI’s hospitality revenues climbed 52 percent in the first nine months of 2024 to P149 million, driven by the opening of three new properties—Citadines Bacolod City, lyf Cebu City, and The Pad Co-Living—which added 617 rooms to CLI’s hospitality portfolio.

Leasing revenues also increased 47 percent to P144 million, with 9,219 sqm of new leasable space offered. With 32,196 sqm of leasable space in the immediate pipeline, including the Astra Center Lifestyle Mall in Cebu, CLI said it is well-positioned to generate steady rental revenue from high-traffic, strategic locations.

Related Tags

Jose Soberano III Jose Franco Soberano Cebu Landmasters Inc.
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