MANILA – Century Properties will build a businessman’s hotel in the real еstatе firm’s maiden township project outside Metro Manila.
Century Properties Group Inc chairman Jose E.B. Antonio last week told reporters that Azure North in Pampanga, an out-of-city replica of Azure Urban Resort Residences in Paranaque, will house a three-star hotel with 150-200 rooms.
The Pampanga hotel is not included in the P1 billion recurring profit target that the company set for its commercial business by 2019, by which time over 150,000 square meters of leasing portfolio should be available.
“We didn’t include it because we have yet to announce the project. We’re very conservative for the 2019 projection,” Antonio said.
The Pampanga development will have residential, office, hotel and retail components. The eight-hectare property was acquired from House of David Realty and Development Corp last year.
Century Properties is teaming up with international style icon Paris Hilton for the design of the beach club of Azure North. The Hollywood celebrity also designed the Paris Beach Club, the central amenity of the six-hectare project in Paranaque.
“From the success of the Paris development, we’re bringing her to design the beach. We have agreed already,” Jose Carlo Antonio, son of the former ambassador and Century Properties chief financial officer, said.
The property firm recently formed a new unit, Century Properties Hotel and Leisure Inc, which will become the vehicle for its leisure ventures.
“We believe there is a big market for hotel accommodation as can be seen by occupancy rates of current hotels. It will be another leg for revenues and income for Century,” the elder Antonio said.
Century Properties has also tapped Novotel, a four-star international mid-scale brand of the Accor Group, for its foray into leisure development. The first Novotel will rise within the Acqua Residences in Mandaluyong City.
Known for its portfolio of local and internationally renowned brand partners, Century Properties has been diversifying its product offerings through its recent ventures into retail, office and leisure development.
Century Properties’ profit rose 3 percent year-on-year to P513.06 million in the first quarter from P500.56 million in 2013. Consolidated revenues jumped by a tenth to P2.85 billion in the January to March period from P2.60 billion a year ago.
Source: Interaksyon | July 27, 2014