DAVAO CITY — Torre Lorenzo Development Corp. (TLDC), with partner Thai hotel chain Dusit International, is set to finish the construction of its five-star hotel here by the first quarter of 2018.
The dusitD2 hotel, which will have 120 rooms and a 1,000-capacity ballroom, will be have a soft opening for six months before starting full operations, according to TLDC President Tomas P. Lorenzo.
Mr. Lorenzo said the project, which also includes a high-end serviced apartments called Dusit Thani Residences, aims to set the “luxury” standards in Davao.
“I am not embarrassed to say that luxury and five star comes with a price, and our price is probably the most expensive that you will find in Davao right now,” Mr. Lorenzo said at Thursday’s topping-off ceremony for Dusit Thani Residences. He noted the hotel rates and the condominium unit prices are at the same levels of similar developments in Makati City, Bonifacio Global City, and Pasig City.
Mr. Lorenzo said there is a ready market for high-end properties in the city, with 50% of the Dusit Thani Residences’ 175 units already sold. This is the Dusit’s first residential venture in the Philippines, targeted for completion also within 2018.
Evelyn R. Singson, vice-chair and president of Philippine Hoteliers, Inc. which is in charge of the Dusit Thani brand, said they consider the Davao project a good venture as TLDC “saw the opportunity and market vacuum that existed.”
Ms. Singson also said the presence of Dusit Thani in the city will be a catalyst for other industry players to upgrade facilities and services.
“All the hotels that are operating here for sure will have to upgrade and renovate if they want to be competitive, and all the hotels will be coming here will have to match (the standards set by the project),” she said. “Expensive is not expensive if you are getting the value in return.” — Carmelito Q. Francisco