Listed Cebu Landmasters, Inc. (CLI) on Tuesday said it broke ground for its P4-billion mixed-use development, which will be home to Sofitel Cebu City upon its completion by 2025.
“CLI is confident that VisMin (Visayas-Mindanao) economic recovery is within view and will happen at an accelerated pace,” CLI President and Chief Executive Officer Jose R. Soberano III said in a statement on Tuesday.
“We will be ready in three to four years for the bounce back with a long-awaited five-star hotel and prime office spaces in the iconic Masters Tower Cebu,” he added.
Sofitel Cebu hotel will add 195 rooms to CLI’s portfolio, which is projected to grow to 1,433 rooms in 2025. The company hopes its hotel portfolio grow its recurring revenue contribution to 10% of its total revenue in four to five years.
The hotel will be located at the 14th to 32nd floors of the 192-meter tower and will include a grand ballroom, an all-day dining restaurant, a roofdeck restaurant and bar, meeting rooms, an executive lounge, a swimming pool, and a spa.
Meanwhile, the offices will be located from the 8th to 12th floors of the Masters Tower Cebu. The building is said to be LEED (Leadership in Energy and Environmental Design) Gold-registered and will have “eco-efficient features” to make it attractive to global and other occupiers looking for sustainable buildings.
On Tuesday, shares of CLI at the stock market declined by 1.94% or six centavos to close at P3.04 apiece. — Keren Concepcion G. Valmonte