VILLAR-LED Vista Land and Lifescapes Inc. is venturing into the hotel business following its acquisition of the Boracay Sands Hotel.
In an interview with reporters last week, Manuel Villar Jr., chairman of the Villar group of companies, said that their property arm recently acquired a hotel in Boracay in line with their goal of becoming a complete real estate company.
Villar said the group aims to prioritize its leasing business.
“We want to give priority to leasing. We are now having BPOs [business process outsourcing offices], malls, and now we will start investing in hotels. We bought a small hotel,” Villar said.
He identified the acquired hotel as the Boracay Sands Hotel on Boracay Island in Aklan and said that the acquisition was made in December last year.
Villar noted that this was just a first step for the group in entering the hotel business.
“Then we will probably put up a second one. But we will put up a new brand probably after a while,” Villar said.
Villar said the recently acquired Boracay Sands will cater to the middle class market, composed primarily of local businessmen. Estimated rates for the said hotel will be around P5,000 to P7,000 a night, according to Villar.
For its future ventures into the hotel industry, Villar said the group will be building its own hotels because of their available land bank.
“We will build them. We have a lot of properties,” Villar emphasized.
“We have a lot properties among the master-planned communities. We have quite a few prime properties. Tagaytay is one of them. We still have some properties in Metro Manila. Vista City is one of them. We’ll probably put up a mall in Vista City,” he added.
The former senator said the Villar Group wants to expand its reach into different property sectors while maintaining its successful housing business.
“We will have a decent number of malls, decent number of hotels, decent number of BPOs as we maintain our share in the housing market,” Villar said. “We will be using our land bank because we have a prime land bank and this platform will eventually expand to malls, hotels and BPOs,” Villar said.