LISTED property developer Cebu Landmasters, Inc. (CLI) expanded its hospitality portfolio with the opening of lyf Cebu City hotel on Tuesday.
In a regulatory filing, the company said that lyf Cebu City offers 159 rooms with various sizes, including studio queen, studio twin, two-bedroom, and four-bedroom units. The newly opened hotel is the company’s third operational hotel.
“The opening of lyf Cebu City brings CLI’s operational hotel count to three, following the launch of The Pad Co-Living last month with 258 rooms and Citadines Cebu City in 2019 with 180 rooms,” the listed property developer said.
The new hotel is under the lyf brand of the global hotel operator The Ascott Limited, which caters to “young and dynamic travelers.”
It is located at CLI’s Base Line Center mixed-use property in mid-town Cebu near Fuente Osmeña Circle, a venue for the Sinulog Festival.
According to CLI, lyf Cebu City is the first lyf property in the Visayas and Mindanao (VisMin) region and the second in the country, joining lyf Malate in Manila.
“We are excited for the opening of lyf Cebu City that offers young travelers an exciting blend of modern accommodations and a dynamic environment unmatched in Cebu. CLI’s hotel portfolio is growing and we are happy to offer a unique experience to VisMin’s growing tourism market,” CLI Hotels & Resorts Director Mathias Bergundthal said.
Following the opening of lyf Cebu City, CLI now has ten projects under its hospitality portfolio, which features over 1,700 keys, with 316 rooms currently completed.
The property developer is set to open more hotels, such as the 200-room Citadines Bacolod City and the 144-room Radisson Red, which are expected to open in March and at the end of 2024, respectively.
“Unaudited revenue from the listed company’s hospitality business shows a 67% increase year on year in 2023,” CLI said.
Aside from The Ascott Limited, CLI also has partnerships with international hotel operators such as Radisson and Accor, as well as local players like the Abaca Group to strengthen its hospitality business.
Shares of CLI at the local bourse closed unchanged at P2.63 apiece on Tuesday. — Revin Mikhael D. Ochave