Low cost housing developer 8990 Holdings, Inc. is entering the hospitality industry, and its first salvo is a P5 billion investment to build a diverse line of hotels, resorts and luxury establishments, with a total of 3,000 rooms by 2023.
“The Philippine leisure and hospitality industry is on an upswing with the current administration focusing on tourism development,” Willie J. Uy, president and CEO of 8990 Holdings Inc, told the Manila Standard.
Perfect timing
He noted that the recent launch of 8990 Leisure and Resorts “comes at a perfect time.” The initiative, he explained, is driven by the success of the group’s two full-service hotel properties under the Azalea brand in Baguio and Boracay, each with a room inventory of 99 and 272 units, respectively.
8990 Leisure and Resorts is a subsidiary of publicly listed housing developer 8990 Holdings Inc.
Its success, which has seen the company acquiring a record-high net income of P3.4 billion in the first three quarters of 2018, promises a bright future for the company’s foray into the leisure industry.
Various brands in pipeline
Offering world-class accommodation services and amenities to professionals or vacationers, various brands in the pipeline include the five-star luxury family resort Adama, luxury hotel Kura and resident urban hotel Argo.
“Urban Hotel Argo is really for the explorers—those that want a comfortable room, but doesn’t want to splurge on amenities. They are there to explore the locality,” explained Lowell Yu, president of 8990 Leisure and Resorts.
Kura targets those who want the finer things and comfort on a hotel setup, while Adama is designed as a luxurious type of resort, according to him.
“But the difference of Adama compared to the rest of the resorts is all of its activities are toward a family interaction activities,” he said.
These exclusive hotels and resorts will open in different parts of the country: Cebu, Makati, Davao, Palawan, Boracay, Siquijor, Alabang, Manila, Iloilo, Legazpi, Clark, Lapu-Lapu, Siargao and Baguio.
Yu said that a number of these projects, particularly in Cebu, Siquijor and Alabang, will break ground in the first quarter of next year. “We plan to complete all these projects in 14 locations over the next five years”, he said.
