Property developer Cebu Landmasters Inc. (CLI) said Tuesday it has opened lyf Cebu City, its third operational hotel.
The company said lyf Cebu City is located at CLI’s mixed-use property Base Line Center in mid-town Cebu near Fuente Osmeña Circle, a key venue of the Sinulog Festival held every January.
The hotel, a brand operated by Ascott that caters to young and dynamic travelers, has 159 rooms of what it called One of a Kind or studio queen, Side by Side or studio twin, All Together or two-bedroom and All Together four-bedroom units.
“We are excited for the opening of lyf Cebu City that offers young travelers an exciting blend of modern accommodations and a dynamic environment unmatched in Cebu. CLI’s hotel portfolio is growing and we are happy to offer a unique experience to VisMin’s [Visayas and Mindanao] growing tourism market,” said CLI Hotels and Resorts Director Mathias Bergundthal.
The new hotel serves as the first lyf property in the VisMin region, and the second in the Philippines.
The opening of lyf Cebu City brings CLI’s operational hotel count to three, following the launch of The Pad Co-Living last month with 258 rooms and Citadines Cebu City in 2019 with 180 rooms.
In its mission to strengthen its hospitality business, CLI also has partnerships with other international hotel operators, including Radisson and Accor, and with local players like the Abaca Group.
The opening of lyf Cebu City gives CLI 10 projects under its hospitality portfolio, which now features more than 1,700 keys and 316 rooms currently completed.
Another two hotels are underway with the 200-room Citadines Bacolod City set to open in March and Radisson Red with 144 rooms will open by the end of the year.
CLI earlier said its income in January to September 2023 rose 28 percent to P3 billion from the P2.4 billion recorded in the same period in 2022.
It had a double-digit revenue growth across all of its business segments, pushing its gross revenues to P13.27 billion, up by 19 percent from the previous year’s P11.1 billion.
“We are very pleased with our performance (in 2023), achieving double-digit profit expansions in the last three quarters despite the headwinds of inflation and higher interest rates in the country. This underscores CLI’s commitment to providing value to shareholders and affirms the sustainability of our growth trajectory,” CLI Chairman and CEO Jose Soberano III said.
Across segments, CLI’s real estate unit continued to be the primary driver of the company’s revenue, the company said.