MANILA - Vista Land & Lifescapes Inc., the property developer led by the Villar family, announced that it will foray into the hotel business to complete its offering and cement its standing as one of the country’s major real-estate firms.
Manuel Villar, the company’s chairman, said Vista Land, known to build several house-and-lot subdivisions under the Camella and Palmera Homes brand, will have its own brand of hotel. It will utilize its landholdings for the hotels it will build.
Villar, a former senator, said Vista Land may establish up to 18 hotels in the next few years on sites that are mostly owned by the company.
“When I returned [to the company as chairman], we decided that we [Vista Land] will no longer just be a housing company. So we started a mall and then BPO [business-process outsourcing] buildings. So now the logical last piece is the hotels,” Villar said.
“Once we enter the hotel business, we’re a complete [real-estate company],” he said.
Vista Land hopes to increase its recurring income, or revenues from retail and office-space rentals, among others, to reach P1 billion in 2017. It will also focus more on beefing up its retail space in its development.
The company is one of the pioneers in mall operation in the Philippines, establishing a community mall on Edsa, Mandaluyong City and in Alabang during the 1990s.
It, however, decided to focus on building more subdivisions in various parts of the country rather than building shopping malls.