TORRE LORENZO Development Corp. (TLDC) is strengthening its partnership with the Philippine operator of the Dusit Thani hotel brand, with the development of two hotel projects worth around P4.9 billion.
TLDC, together with the Philippine Hoteliers, Inc. (PHI), announced on Wednesday that it will be developing a P1.9-billion Dusit Thani Hotel at Lubi Plantation in Davao Gulf and a P3-billion Dusit Princess Lipa Hotel in Batangas.
“Our real estate development expertise and Dusit’s mastery of hotel management perfectly complement each other to make for a sustainable partnership,” TLDC Chief Executive Officer Tomas P. Lorenzo was quoted as saying in a statement.
Located on a 36-hectare development in Davao Gulf, the Dusit Thani Hotel at Lubi Plantation will be a five-star luxury resort offering 54 cottages with two rooms each, for a total of 108 rooms. The company has so far poured in P600 million in investments for its development.
The company is banking on the growing convention market to occupy the hotel, which will also have a beach club open for day visitors. TLDC will also develop the area into a marine conservation site.
On the other hand, the Dusit Princess Lipa Hotel will house 152 rooms. The hotel will be inside a one-hectare complex set to include residential buildings, an international restaurant, and business center.
“There’s too much hype in Tagaytay, when really the growth is in Lipa. The presence in Lipa is in pursuit of our vision to be in fast growing secondary cities in the Philippines, and hopefully Lipa is be the first among many,” TLDC Chief Financial Officer Emmanuel A. Rapadas said in a press briefing in Makati yesterday.
The company looks to finish the project by 2021.
TLDC has previously teamed up with PHI for Dusit Thani Residence Davao and dusitD2 Hotel in Davao back in 2014. The two developments form the P4.5-billion Davao Luxury Lifestyle Complex, which the company has recently topped off and soon will be opening to the public.
“We are aligned with their vision to build for the future, admire their deep understanding of premium living, and their perseverance to compete in a market already saturated with so many options,” PHI President and Vice-Chairman Evelyn R. Singson said in a statement.
Known mostly for its student residential developments, TLDC reported a 35% growth in revenues in 2017, with Mr. Ravelas saying a 25% annual consolidated growth rate is expected until 2020.
“We have inventories of P6.2 billion, sufficient to support us in the next 18 months. TLDC continues to be confident in our entire business activities. We see a solid real estate sector for the next five to seven years. Together with that, we are confident that our business plans will be achieved,” Mr. Rapadas said.
The company is also building another residential tower aimed to capture the student market from the Ateneo De Manila University in Quezon City. The single-tower project will offer 816 units over 45 floors. — Arra B. Francia