Movenpick to build 5 hotels worth USD350M

MANILA, Philippines – Swiss upscale hotel and resorts management company Movenpick Hotels and Resorts has partnered with various investors for the development of five upscale hotel and resort complexes in and out of Metro Manila worth around $350 million.

The first to be completed is the Movenpick Residences Cebu, a mixed residential and hotel complex developed by Oikonomos International Resources Corp. owned by logistics tycoon Manuel Osmeña.

Another hotel and resort complex is nearing completion in Palawan, while two would be built in Makati, and another in a province, most likely in a prominent tourist destination.

Movenpick director for business development Helmut Gaisberger said the four other properties have different developers.

“We have several other projects but these will be in the provinces. We are very interested in places where people go to,” he said.

The Movenpick hotel in Coron, Palawan, which is nearly finished was built like hotels in Maldives. It would have 82 villas and luxury amenities.

One of the Movenpick hotel and residences in Makati, which will be built along Kalayaaan Avenue, would have around 300 rooms and 300 private residences.

Gaisberger said the groundbreaking would begin this week and the whole project would be finished in three years at most.

The other hotel to be developed in Makati would be located along Ayala Avenue.

Gaisberger said that despite the numerous hotels already situated in Makati, it would take a long time before Makati becomes a saturated market.

“Makati will take a long time (to be saturated),” he said.

Movenpick and Oikonomos on Monday had a ceremonial contract signing for the Movenpick Residences Cebu, for which Osmeña is investing P3.5 billion to develop.

The residential and resort complex which is located in Punta Engano, Mactan Island, would have three towers, a mix of hotel rooms and private residences.

Currently for disposal are 66 fully-furnished condominium units with a floor area of 50 square meters to 99 square meters available in one and two bedroom model, all with balconies and views of the sea. The residences are offered at P125, 000 per square meter exclusive of value added tax (VAT).

The hotel and resort complex, which has a French-Mediterranean design, has 246 hotel rooms and world-class amenities.

Oikonomos and Movenpick tapped the services of CB Richard Ellis Philippines as its marketing arm and advisor.

“We are seeing growth in cities like Cebu and surrounding areas. Now is a good time for the hotel and leisure sector in the Philippines. I cannot think of a better time to come in this partnership,” said CB Richard Ellis Philippines founder and managing partner Rick Santos.

Osmena’s holding firm owns Sky Logistics and Sky Kitchen, the logistics and in-flight food service provider of Philippine Airlines.

Gaisberger said Movenpick is also aggressively expanding in Asia because of improving economic prospects in the region. Movenpick has 60 upscale hotels in 25 worldwide and is now expanding to Turkey, United Arab Emirates and certain parts of Asia.

“We are a little late in coming to Asia but better late than never. We are very aggressive in coming to Asia and I would say that in two years’ time, we will have at least 25 possible locations,” he said.

Santos said the Philippines is also becoming a well-positioned market in Asia for the hotel business because of lower real estate prices and better customer service provided.

Osmena said he is also helping Movenpick in their expansion to Asia. Two Movenpick hotels are in the pipeline for signing in China within the next two months.

http://www.abs-cbnnews.com/business/04/25/12/movenpick-build-5-hotels-worth-350m