MANILA, Philippines - Eton Properties Philippines Inc., the real estate arm of airlines and tobacco tycoon Lucio Tan, is converting the first seven floors of the 40-story Eton Tower Makati into a businessman’s hotel.
In a briefing following the company’s annual stockholders meeting Friday, Eton president Danilo Ignacio said they are now in discussions with possible hotel operators for the project.
Construction of the entire tower is slated in the third quarter of this year with completion targeted in December 2013.
Located at the corner of Dela Rosa and V.A. Rufino Sts. Eton Tower Makati will be a mix of executive residences, Soho (small office-office home units) and 161 hotel rooms.
Ignacio said the company is on track to meet its 2011 profit target of P1 billion, mainly driven by higher recognition of sales and increased rental income from completed business process outsourcing offices.
Eton expects to complete 11 residential projects, consisting of 3,600 units; seven residential buildings, four horizontal developments, two commercial developments, and The Elements (a modern type event venue which shall cater to both social events of middle to upper income families and corporate functions of business process outsourcing firms.
The Eton group, which has launched a total of 41 projects in its four years of operations, operates three major brands - Eton for the high end segment, Belton for the middle income segment and First Homes for the broad affordable market.