CLI pursues hotel projects in Vismin

Ehda M. Dagooc (The Freeman) - November 21, 2020 - 12:00am

CEBU, Philippines — Despite uncertainties in tourism recovery, Cebu Landmasters Inc. (CLI) is pursuing the construction of its hotel projects.

Aside from one hotel property that is currently operating, the Citadines by Ascott, the company has six ongoing hotel projects spread in the Visayas and Mindanao.

According to CLI chief operating officer Franco Soberano, the company is confident that tourism will rebound by the time these hotel projects will be completed.

At present, the publicly-listed developer is simultaneously constructing the Lyf Cebu City, Radisson Red Cebu, Abaca Resort Mactan, Lowaii Resort Mactan, Citadines Bacolod City and Citadines Paragon Davao.

“[As of now] timing is still not on our side. But we have still a lot of time,” Soberano said expressing hope that tourism resurgence will happen starting next year.

Construction works of these hotel projects, he said is ongoing and by the time these properties are completed, the company is hoping that tourism will be back in shape.

Meantime, CLI’s healthy cash flow is sustained by the vibrant residential developments, which is boosted by active local buyers amid pandemic.

While OFW residential take up went down by an estimated of 20 percent, it is offset by Philippine-based buyers.

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