8990 bullish on luxury hotels
MASS housing developer 8990 Holdings, Inc. expects to generate P3 billion in recurring revenue from its venture into the luxury hotel business.
In a statement issued Wednesday, the listed property developer said it has 10 new hotels and resorts in the pipeline until 2023. The projects will be undertaken by its newest subsidiary, 8990 Leisure and Resorts.
The newly formed unit’s first development will be the Adama Resort Siquijor, a “super luxury resort” that will offer 250 rooms inside a 20-hectare property. It is scheduled to open in the second half of 2020.
Adama Resort Siquijor will have a central foyer, rooms that maximize the area’s natural light, and cabanas beside the beach.
8990 Leisure and Resorts President Lowell L. Yu said the project will highlight the tourism spots in Siquijor, such as its coral reefs and white sand beaches.
Aside from Siquijor, the company earlier said that it will build Adama resorts in Puerto Princesa, Siargao, Lapu-Lapu City, Baguio, and Boracay.
The company will also launch luxury hotel brand Kura and urban hotel Argo in top tourist destinations such as Palawan, Cebu, Boracay, Davao, Iloilo, Siargao, and Baguio. Some hotels will also be built in Metro Manila.
Prior to establishing 8990 Leisure and Resorts, the company already has experience in the hospitality business with its hotels in Boracay and Baguio under the Azalea brand.
8990 Holdings’ core business is in the development of affordable housing projects. It is currently building the 22-building Urban Deca Homes Ortigas along Ortigas Avenue Extension, which will offer 19,000 units. The project is seen to generate at least P30 billion in sales for the next four to five years.
8990 Holdings saw its net income attributable to the parent rise 18% to P2.82 billion in the first half of 2019, as gross revenues also jumped 17% to P7.01 billion.
Shares in 8990 Holdings slipped 0.26% or four centavos to close at P15.10 each at the stock exchange on Wednesday. — Arra B. Francia
Source : https://www.bworldonline.com/8990-bullish-on-luxury-hotels/
