CLI to build Citadines Bacolod

Cebu Landmasters, Inc. (CLI) is betting big on Bacolod’s growth, disclosing on Tuesday, June 19, its plan to build its fifth hotel in the area in partnership with international serviced residences operator The Ascott Limited.
In a disclosure to the stock exchange, CLI said CLI Bacolod Hotels, Inc.— its joint venture firm with Capitaine, Inc.— signed on Tuesday a service management deal with The Ascott for the development of Citadines Bacolod.
CLI President and Chief Executive Officer Jose R. Soberano III said they are seeing a lot of opportunities in Bacolod, banking on tourism and the information technology-business process management (IT-BPM) industry for its growth.
“There is so much potential to cater not only to the tourism industry but also the M.I.C.E (Meetings, Incentives, Conventions and Exhibits) market in Bacolod,” Mr. Soberano said.
Citadines Bacolod will have 200 serviced residential units, ranging from 25 to 60 square meters (sq.m.) each. The development will rise on a 4,501-sq.m lot along Lacson Street, fronting MesaVirre Garden Residences, CLI’s P1.5-billion residential condominium project. — Arra B. Francia