MANILA, Philippines - Lopez-led property development firm Rockwell Land is entering the hotel business.
Rockwell Hotels and Leisure Management Corp. will launch the Aruga Serviced Apartments at Edades Tower and Garden Villas in Rockwell Center, Makati by the second half of the year.
Aruga will offer 114 studio, one-bedroom and two-bedroom units catering to businessmen and tourists who want to be near the Makati central business district. It will be ready for occupancy by July.
"Aruga means 'nurture' in Filipino, embodying our goal of delivering genuine Filipino service to guests. The Aruga Serviced Apartments at Edades will be the first of Rockwell's several ventures into hotels and leisure, which we plan to expand to different locations in the country," Nestor J. Padilla, Rockwell Land president and CEO, said.
Rockwell has already identified three locations for Aruga hotels, resorts and serviced apartments in the pipeline. These projects are set to be launched over the next five years.
“We started off 2014 with the delivery of the Rockwell lifestyle to our clients, as we turn over the Edades Tower and Garden Villas, in Rockwell Center, Makati; our first low-rise community, 205 Santolan by Rockwell in Quezon City; and The Alvendia by Rockwell in San Juan,” Padilla said.
Rockwell reported P1.4 billion net income in 2013, 25 percent higher than the previous year.
The company continued its strong growth this year, with a net income of P254.3 million in the first quarter. This was 18 percent higher than the P216.2 million net income it posted during the same period last year.