Cebu Landmasters Inc., a leading real estate developer in the Visayas, launched Friday a P4-billion mixed-use office and hotel tower in Cebu.
CLI said in a disclosure to the stock exchange Master Tower Cebu would be an iconic tower with prime office and retail spaces and a five-star luxury hotel.
Sofitel Cebu City will be operated by multinational chain Accor, a world-leading hospitality group headquartered in France.
“This project is the culmination of our learnings as a full-line developer catering to a range of markets in one of the most dynamic regions of the country,” CLI chief executive Jose Soberano III said.
“We want to build this project for Cebu, to show our positive outlook for this growth city,” he said.
The luxury hotel will have 195 guest rooms, a grand ballroom, two restaurants, executive lounge, meeting rooms, roof deck, swimming pool, gym and spa.
Soberano Masters Tower Cebu is part of CLI’s growing hotel portfolio in partnership with a number of global hotel chains that are expected to significantly contribute to its revenues in the next three to four years.
“We are optimistic that the hospitality industry will bounce back particularly in the Visayas and Mindanao where there is high potential for more international hotel players and tourism demands for quality hospitality experiences,” he said.
The groundbreaking of the Masters Tower Cebu on a 2,840-square-meter property within Cebu Business Park is slated for the second quarter of 2021 while completion date is targeted by 2025.
Meanwhile, the tower’s office spaces from the 8th to the 12th floor of the building will cater to the needs of growing office sector in Visayas.
CLI is aiming for the building’s LEED (Leadership in Energy and Environmental Design) gold certification.
Master Towers Cebu was designed by global architectural firm Skidmore, Owings and Merrill in tandem with one of the country’s top architects GF Partners and Architects.
The share price of CLI rose 2.5 percent Friday to P5.35.