GLOBAL-ESTATE Resorts, Inc. (GERI) on Thursday said it is on track to open the P1.5-billion Twin Lakes Hotel near Tagaytay by the end of the year.
The listed leisure and tourism estate developer said in a statement that Twin Lakes Hotel will be operated by Global One Hotels Group, the owner and operator of sister firm Megaworld Corp.’s homegrown Belmont and Savoy hotel brands.
Twin Lakes Hotel will rise within GERI’s 1,200-hectare Twin Lakes project in Laurel, Batangas. The 8-storey hotel will offer 126 rooms sized up to 72 square meters.
The hotel will have an all-day dining restaurant which will give guests a view of Taal Lake, an in-house spa, infinity pool, and a grand ballroom that can host up to 500 people.
“We envision Twin Lakes Hotel to be a perfect venue for weddings and celebrations. Aside from the unparalleled views of Taal Lake and Volcano, this is the only hotel in the Philippines that has an actual grape-growing vineyard at its backyard,” GERI President Monica T. Salomon was quoted as saying in a statement.
GERI is spending P4.5 billion over the next four years to continue the development of projects inside Twin Lakes. Since 2012, the company has spent P2.5 billion in the tourism estate, for a total expenditure of P7 billion in a span of 10 years.
Three residential condominiums have already been launched in Twin Lakes, namely The Vineyard, The Manor at Twin Lakes, and The Beldevere. There are also two residential villages within the estate called Domaine Le Jardin and Lucerne, offering a total of 838 lots.
Aside from GERI, tycoon Andrew L. Tan’s property firms include Megaworld, Empire East Land Holdings, Inc., Suntrust Properties, Inc., Richmonde Hotel Group International Ltd., and Bonifacio West Development Corp.
Incorporated in 1994, GERI was formerly called the Fil-Estate Land, Inc. before Mr. Tan’s acquisition of a majority stake in 2011. The firm was then relaunched using its present name as a company that will engage in integrated tourism estates.
Other estates under being developed by GERI are the Boracay Newcoast in Malay, Aklan, Eastland Heights, Southwoods City in Laguna and Cavite, Alabang West in Las Piñas, and The Hamptons Caliraya in Lumban-Cavinti, Laguna.
GERI generated P406.9 million in net income attributable to the parent during the first quarter of 2018, 25% higher than the P325.8 million it realized during the same period a year ago. This came amid flat revenues at P1.66 billion.
Shares in GERI went up a centavo or 0.84% to close at P1.20 each at the stock exchange on Thursday. — Arra B. Francia