A Costa Mira Condo Resort In Mactan
20,000 m² - suba bas bas, LAPU-LAPU CITY (OPON), 6015
A new Beach Residental condo in Mactan Lapu Lapu With Balcony
Cebu Landmasters, Inc. (CLI) said it has acquired the luxurious Abaca Boutique Resort + Restaurant and the two-hectare Lowaii Cebu Marine Beach Resort, both on Mactan Island, Cebu..
CLI said an initial payment was made upon the signing of the sale agreement. The company has yet to disclose the purchase price, but assured it is less than the threshold of 10% of the CLI’s total asset value.
The Abaca Group founder Jason Hyatt said they have been approached by several developers to expand the resort brand, “but the thoughtfulness and commitment to quality that Cebu Landmasters brought to the table was undeniable and made the decision easy.”
“With Cebu being our adopted home, it has always been our vision to contribute to the growth of Cebu’s tourism and hospitality industry on a much larger scale, especially the Abaca Resort and Hotel brand,” he said.
“Having this unique partnership and opportunity to manage a premier property developed by the region’s premier developer is a significant step towards our vision of breaking out as the country’s top homegrown luxury hotel group,” he added.
Renovation of Lowaii resort, meanwhile, is ongoing. This property, which had over 20 rooms, was a mid-range development in Barangay Suba-Basbas in the southern portion of Mactan Island.
CLI, which was recently named by PropertyGuru as the country’s Best Developer for 2019, currently has 58 projects in various stages of development in seven key cities in the Visayas and Mindanao.