LISTED property developer Sta. Lucia Land Inc. (SLI) is focusing efforts to expand its hotel portfolio to take advantage of the growth of tourism in the country, the company said in a disclosure to the Philippine Stock Exchange (PSE).
At present, the Sta. Lucia group has eight hotel projects: La Mirada, Arterra, and SotoGrande, all in Cebu; Sta. Lucia Residenzes Monte Carlo, Sta. Lucia Residenzes Santorini, and Stradella, all in Cainta, Rizal; LaBreza in Quezon City; and Splendido Tower 1 in Tagaytay.
SLI referred to mid-year statistics from the Department of Tourism to highlight the growth potential of the tourism sector. In the first half of the year, according to the DOT, tourism revenues reached P127.37 billion, with 2.978 million visitors arriving in the country, year-on-year growth rates of 14.7 percent and 13.7 percent, respectively.
SLI said that in view of the growth in tourism visitors and revenue, it plans to launch four new projects under its SotoGrande brand.
Two of the projects will be located in Quezon City. In Katipunan, SLI plans to build a 23-story mixed-use tower, located in close proximity to Edsa, C5, Marcos Highway, Aurora Boulevard, and Katipunan Avenue. In Fairview, the company is preparing to start construction of an 8-story, 198-unit full hotel development in its 22-hectare Neopolitan Business Park property, which is located near the site of one of the future stations of the MRT-7 commuter rail line.
In Iloilo, SLI plans to add a 6-story SotoGrande hotel with 149 rooms to its 172-hectare Green Meadows residential community. And in Davao, a 20-story condominium hotel project will be located in the 60-hectare Davao Riverfront Business Park.
“We will continue to do more to support this buoyant sector as we implement in full swing our projects on tourism related assets,” David M. Dela Cruz, SLI Executive Vice President and Chief Financial Officer, said in a comment to the PSE disclosure.