By Issa Quirante
CENTURY Properties Group Inc. (CPGI), a forerunner of premium real-estate developments in the country, has forged a strategic partnership with AccorHotels, the world’s leading hotel operator and market leader in Europe and the Asia Pacific, to build the very first Novotel Suites brand here in the Philippines—the Novotel Suites Manila.
Novotel is a four-star international brand for business and leisure travelers, with more than 400 hotels and 79,220 rooms in major international cities, business districts and tourist destinations in 61 countries worldwide. As a member of the Novotel family brand, Novotel Suites offers suite-type rooms are spacious and can be adapted into a working area or reception room. The rooms come with a kitchenette, separate toilet and washbasin from the bathroom, high-speed Internet access, and amenities that cater to all types of guests and for all lengths of stays.
Launched recently, Novotel Suites Manila will be the sixth and final tower within Acqua Private Residences—a multitower development rising on the banks of the regenerating Pasig River in Mandaluyong City. It is immediately accessible to and from Makati City, the country’s central business district, via the Estrella-Pantaleon and the Makati-Mandaluyong bridges.
The entire Acqua Private Residences development, including Novotel Suites Manila, is developed by Century Limitless Corp. (CLC), a subsidiary of CPGI.
The building will be divided into two distinct areas. There are approximately 149 units of residences and 310 hotel suites, 152 of which will be owned and sold as preferred shares by Century Acqua Lifestyle Corp. (CALC), and 158 units retained by CLC. CALC is owned directly by CLC.
“This project plays a significant part in the company’s thrust to push toward the allied sectors of real-estate development, which are leisure and hospitality. We made sure to do this right by partnering with a globally trusted name in hotel management. With that, 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,” said Tim Hallett, chief operating officer (COO) of Century Hospitality and Leisure Inc.
“This is an innovative launch for us as a company. It’s really exciting to be part of launching a new product into the Philippine market, which is a dynamic and growing market both internationally and domestically, both in business and tourism,” added Hallett, who is also the chairman of CALC.
Combining business, lifestyle and leisure
With the exceptional economic growth the country has seen over the last few years, CPGI is embarking into new frontiers—the allied sectors of real estate, leisure and tourism.
“We’ll actively participate in the tourism industry through leisure and tourism developments. With the partnership with Accor, we will use our extensive experience in premium residential spaces to deliver a quality hotel development in the strength of our portfolio, while we create value for the company, our shareholders and future hotel guests,” CPGI COO Marco Antonio said.
Novotel Suites Manila will have 11 floors dedicated for residential suites and 22 floors for the hotel suites. There will e four types of hotel suites, namely, studio, one-bedroom deluxe, one-bedroom superior and one-bedroom premier, ranging from 31 square meters to approximately 87 sq m.
With world-class design and topnotch amenities, such as a grand lobby fully connected with Wi-Fi on the 21st floor, dedicated high-speed elevators, all-day dining restaurant café and bar, infinity pool overlooking the river, and lounge and gym, Novotel Suites Manila essentially creates a new destination both for business and domestic travelers. And, as opposed to just a regular hotel that welcomes its first customers and opens its doors when it’s completed, through Novotel Suites Manila, CPGI is introducing a new way of property ownership that will combine affordability with exclusivity and accessibility.
International hotel ownership yours for the taking
With the Philippine hospitality industry poised to explode significantly in the coming years, Novotel Suites Manila at Acqua introduces a hybrid of hotel suites, residential units for full ownership and preferred shares as fractional ownership units.
CPGI revealed an innovative twist in the project, as fractions of hotel units will be sold as preferred shares under the Century Fractional Ownership Program by CALC—registered with the Securities and Exchange Commission, is actually the company that owns the fractional units being sold. Approximately 149 units of residences will be available for full residential ownership in the tower and 310 Novotel Suites. The remaining hotel units will be retained by CLC.
The first of its kind in the Philippines, the Century Fractional Ownership Program allows the purchase of preferred shares of CALC. Preferred shareholders under the program are entitled to customized luxury vacation and business stays in units owned by CALC in Novotel Suites Manila, the option to enjoy multiple vacation destinations worldwide, hassle-free property management and an annual return from the lease of the hotel units.
The fractional ownership structure entitles investors to four weeks of their own use of the property and nine weeks’ investment. A total of 608 shares—488 in the studio units and 40 in each of the one-bedroom category—are up for grabs.
This fractional ownership model, Hallett noted, is different from a timeshare scheme, which usually comes without ownership and is limited to the usage rights of the property.
A timeshare scheme usually comes without ownership and entitlement is limited to the usage right of a room, villa or the property. You don’t own equity or any real estate. With fractional ownership, as an investor, you own a piece of the asset. You are actually buying equity from a company that owns the units, Antonio shared.
As part of the investment, shareholders may enjoy benefits, such as five-year complimentary Interval International Membership commencing on the date of turnover to start the exchange program; Accor Plus Membership, giving access and preferred rates at 600 of Accor Hotels in Asia Pacific; discounts and dining privileges at Novotel Suites Manila 24/7; customized concierge service; hotel services on request, including room service, preorder breakfast service, housekeeping, engineering and transportation; hotel signing privileges; the use of Private Residents Lounge and library; and 24/7 gym and pool use.
“I think the innovative nature of the product is really what will drive its success. We’ve got a strong brand; we’ve got the benefit of being part of CPGI, the flexibility of the 9+4 weeks options…. In terms of the market, shared ownership and the shared ownership economy is absolutely massive today. People investing in an ownership product that is customized to their personal needs through major brands, major international hotel developments, major real-estate developments and the desire of most people to make money and enjoy their lifestyle…it’s one of the fastest-growing real-estate economies in the market. It’s new in Asia and we are absolute pioneers in the Philippines,” Hallett concluded.
Novotel Suites Manila at Acqua is targeted for completion in 2019.
