MANILA - Cebu Landmasters Inc said it signed its third management agreement with Ascott Limited for a 153-room serviced residence in Cebu City that targets millennials.
The lyf Cebu City development will bring Cebu Landmasters' hotel portfolio to 600 rooms in 4 years, the company said in a statement.
"Our hotel properties will maximize opportunities offered by the country’s growing tourism momentum while ensuring the full development of our mixed-use projects in strategic VisMin (Visayas-Mindanao) areas," CLI chairman and CEO Jose Soberano said.
The hotel targets technology entrepreneurs and millennials working in startups, music, media and fashion, the developer said.
It will occupy the third tower of the company's Base Line Center and will offer apartment designs from 16 to 60 square meters, the company said.
Shares of Cebu Landmasters were up 0.42 percent to P4.78 in late trading on Wednesday, compared to a 0.49-percent gain in the main index.