EIGHT new properties managed by The Ascott Limited (Ascott) Philippines are set to open in 2023, according to its new country general manager.
At a media roundtable on July 27, Ascott Philippines’ Country General Manager Philip Barnes said the eight new properties are located in Quezon City, Manila, Makati, Cebu, and Bacolod.
He said these projects will add over 1,500 units, bringing the company’s portfolio to over 5,000 units across 27 properties in the next few years.
“We’re looking at probably increasing our revenues to over P2.5 billion… This is actually a huge substantial amount in terms of top line,” Mr. Barnes said.
Opening in 2023 are two properties under the Somerset brand in Valero (Makati) and Gorordo (Cebu); three under the Citadines brand in Bacolod, Benavidez (Makati), and Roces (Quezon City); and another in Manila called The Suites at Torre Lorenzo Malate.
Two properties under the Lyf brand are also set to open in Cebu City and Malate, Manila in 2023. Lyf is a co-living brand targeting young tourists and students.
Mr. Barnes said the company expects domestic and international tourism to continue its strong rebound from the pandemic.
“We have very strong support from the domestic corporate segment and the domestic leisure segments. Some of our properties offer 2-to-3-bedroom apartments for families. Our brand is a home away from home,” he said.
Cecille B. Teodoro, who is the general manager of Ascott Makati and Somerset Millennium Makati, said the Ascott’s hotels, resorts, and serviced residences are committed to sustainability.
“Through partnerships, we hope to sustain the community while at the same time saving the environment and strengthening sustainable travel,” she said.
Ascott’s latest partners include The Plastic Flamingo, the World Wide Fund for Nature Philippines and Gawad Kalinga.
The company also expanded its online loyalty membership plan, the Ascott Star Rewards program, to offer points accrual for online bookings via phone, e-mail, website, and mobile app.
Ascott is the lodging business unit of Singapore-based real estate developer CapitaLand Limited. — Brontë H. Lacsamana
If you like this article, share it on social media by clicking any of the icons below.
Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.
The article was originally published in Business World.
About Post Author
More Stories
Banks’ total assets up at P26.2 trillion end-June
Lamudi sees heightened developer confidence with rise in ad spending
Phase 1 of PHINMA’s Bacolod township to finish by next year