Ascott Expands Portfolio in Philippines with Cebu Landmasters Alliance

Ascott has boosted its portfolio in Philippines by entering into a strategic alliance with one of the country’s top real estate developers, Cebu Landmasters Inc. (CLI), to manage 1,600 units by 2022.

Under the alliance, both parties will seek properties for CLI to develop into serviced residences to be managed by Ascott.

Ascott and CLI have signed management contracts for their first four properties offering over 800 units in the prime business districts of Bacolod, Cebu City and Davao City.

Citadines Bacolod City, Citadines Cebu City, Citadines Paragon Davao, and lyf Cebu City, will open from 2019 to 2021.

Citadines Bacolod City, the latest property sealed under the partnership, marks Ascott’s entry into Bacolod.

Separately, Ascott also made its foray into Quezon City, Metro Manila’s largest city, by securing a management contract with another property owner for Citadines Roces Quezon City, which will open in 2023.

The two new contracts in Bacolod and Quezon City will increase Ascott’s portfolio in Philippines by 27% year-on-year to over 4,300 units.

Mr Kevin Goh, Chief Executive Officer, The Ascott Limited, said, “Ascott’s alliance with CLI in the Philippines builds on the strategic partnerships we have forged around the world to accelerate Ascott’s growth globally. Leveraging Ascott’s global network and strong hospitality expertise, as well as CLI’s well-established reputation in the Philippines, the partnership will allow us to gain access to a pipeline of quality projects in the country. This will fast-track our expansion and strengthen Ascott’s leadership position as the largest international hospitality player in the Philippines. Having leading industry players choose to partner Ascott speaks volume of the value we bring to our partners. We are confident that Ascott will exceed 80,000 units in 2018 and expand to 160,000 units worldwide by 2023.”

source: Travel News Asia