CEBU Landmasters, Inc. (CLI) is venturing into resort development as the listed Visayas-Mindanao property company disclosed on Wednesday a P2.5-billion project that will beef up its hotel portfolio.

“Abaca Resort Mactan will put Cebu on the radar of this emerging breed of global travelers seeking world-class, authentic and unique holiday experience,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in a statement on Wednesday.

Abaca Resort Mactan will be a 17-storey luxury boutique hotel on a 4,500 square meter (sq.m.) property, which was formerly occupied by Abaca Boutique Resort in Punta Engaño, Lapu-Lapu City.

CLI bought the property in 2019, but the Abaca group will continue operating the hotel.

“We are honored that CLI has chosen to partner with us once again through their hospitality arm. Being added to their portfolio of established global brands like Accor, Radisson and Ascott is so inspiring,” said Jason Hyatt, who is the founder and managing partner of the Abaca group as well as its executive chef.

The resort will feature 125 rooms. Each “Oceanfront” suite will range from 40 to 50 sq.m., while “Sky Villas” will span up to 105 sq.m. Each villa will have its own infinity pool.

Abaca Resort Mactan will have an infinity pool, an elevated cascading plunge pool, a 360-degree roof deck bar, and a private beach. It will also have function rooms, a kids center, a gym and spa.

The resort will have three restaurants — a “live fire” Asian concept on the main level, an all-day dining format that will cater to the “new normal,” and a banquet facility that can cater to up to 200 individuals.

“Abaca restaurant will return and have a new home on the impressive rooftop with panoramic views of both the city and the sea,” CLI said.

CLI tapped international architectural house Büro Ole Scheeren Group for the project, along with Philippine architectural firm Aidea Philippines, Inc.

The resort is set to be completed and open in 2024. The company said it is preparing for the tourism boom by then.

“We see tourism in the Visayas and Mindanao driving the economy once global mobility is restored,” Mr. Soberano said. “We will be ready for that boom.”

On Tuesday, CLI shares at the stock market declined by 1.4% or four centavos to close at P2.82 apiece. — Keren Concepcion G. Valmonte