Cebu Landmasters, Ascott to build Citadines Hotel in Davao
A joint venture between Cebu Landmasters Inc. and two Davao-based property firms has tapped Ascott Ltd. for its mixed-use project, where a Citadines hotel will be located.
CLI said YHES (Yuson Huang Excellence Soberano) Inc. entered into a technical advisory and service management agreement with Ascott for Citadines Riverside Davao, an international service residence that offers short and long-stay guests with spacious apartments and personalised service.
Ascott is one of the leading international service residence owner-operators and has established presence in America, Asia Pacific, Europe, and the Middle East.
Apart from the hotel, the mixed-use project will feature a residential condominium, retail arcade and convention area. It is estimated to cost at least P3 billion.
Slated to be operational by 2021, the first phase will consist of a hotel with 250 units, 175 of which will be sold to the market, a residential condo bearing 400 units, a boutique retail and convention facility. The second phase will comprise four condominiums.