Property developer Cebu Landmasters Inc. (CLI) has broken ground for a P4-billion mixed-use skyscraper—poised to be one of the tallest buildings in Cebu—that will house a luxury hotel under the Sofitel hospitality brand by 2025.
Located at the Cebu Business Park, the Masters Tower Cebu will rise at 192 meters above sea level. Apart from housing the 195-room Sofitel Cebu City, the tower will allot space for grade A offices.
"CLI is confident that VisMin (Visayas-Mindanao) economic recovery is within view and will happen at an accelerated pace. We will be ready in three to four years for the bounce back with a long-awaited five-star hotel and prime office spaces in the iconic Masters Tower Cebu," CLI chief executive officer Jose Soberano III said in a disclosure to the Philippine Stock Exchange on Tuesday.
The luxury hotel that will operate in the building is seen to be a cornerstone of CLI's hotel portfolio, which is projected to reach 1,433 rooms by 2025 upon the completion of Sofitel Cebu City.
This is in line with CLI's strategy to grow its recurring revenue to contribute 10 percent of total revenues in four to five years.
The offices will be on the eighth to the 12th floor while the hotel will occupy the 14th to the 32nd floor.
Designed by Skidmore, Owings and Merrill, Masters Tower Cebu is envisioned to be an "iconic landmark" with a crown-like structure at the top, inspired by Cebu City's standing as the Queen City of the South.
—Doris Dumlao-Abadilla INQ
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