Leading upmarket developer Century Properties Group (CPG) is entering the hotel industry with a four-star hotel in Acqua Private Residences, a mixed-use residential hub in Mandaluyong City.
Through its subsidiary Century Limitless Corp. (CIC), CPG teamed up with AccorHotels, a hotel management group known globally, to realize its maiden hotel.
Slated to be the sixth and final tower in Acqua, the Novotel Suites Manila has 41 stories with 149 residential units and 310 suites. Of the suites, 152 are sold as preferred shares through the Century Fractional Ownership Program (CFOP), touted as the first of its kind in the country.
Under the program, preferred shareholders are given annual returns of the net rental revenue from the 152 units. Shareholders also enjoy perks such as customized vacation and business stays in the 152 suites, which they are entitled to for 28 nights per year. Shareholders are likewise provided property management services and the option to indulge in vacation destinations abroad.
Speaking of their partnership with Accor, CPG Operating Officer Marco R. Antonio says this newest venture stands "in line with our company's thrust to support the growth of tourism in the Philippines, to use our extensive experience in developing premium residential spaces to deliver quality hotel projects, and to strengthen our portfolio while we create value for the company and our shareholders."
An upscale international brand, Novotel has 414 hotels and 79,220 rooms in 61 countries. Units can be converted into a working area or a reception room, and each unit comes equipped with a kitchenette, a separate toilet and washbasin from the bathroom, high-speed Internet, and amenities for a wide range of guests, whether for short- and long-term stay.
"We are confident about the project’s quality and competitive edge, as well as its ability to serve the country’s fast growing tourism sector," says Patrick Basset, CEO of AccorHotels in several Southeast Asian countries.
"We are excited to collaborate with Century Properties to develop a Novotel Suites hotel in the Philippines and appreciate the trust they have in our hospitality expertise," says Basset. "Once complete, this all-suite hotel will combine the latest design and innovation to create a perfect hotel for leisure, business and long-stay guests looking to stay in the proximity of Makati."