Goldland eyes Mactan, Bohol for next project

The developer of Cebu Hilton Resort and Spa, Goldland Philippines Inc. (GPC) is looking at building another resort in Mactan or in Bohol in the next few years, as the seven-year old Cebu Hilton project will be completed next year.

Cebu Hilton Resort is currently in full-swing operation with its 246 rooms already opened, the third tower for the condominium units is targeted for completion next year.

GPC president Manuel Osmeña said after Hilton, he is looking at developing another resort facility in Mactan, in partnership with an international hotel management chain.

"I don't have to look too far, my preference is either Mactan or Bohol," Osmeña said in an interview with The FREEMAN.

The 246-room Cebu Hilton Resort and Spa is set to have its grand opening this October 26, to be graced by no less than President Gloria Macapagal-Arroyo.

According to Osmeña, he will take advantage of the robust tourism industry in Cebu and Bohol, and that investing into resort facilities, is very feasible now.

The P2 billion Hilton project in Cebu which started its construction in 1998, has three major components, the five-star resort hotel, the residential condominiums, and the Resort Club.

Cebu Hilton Resort and Spa is the third five-star resort in Cebu, although the project went through a very challenging journey which was heavily affected by several crises since 1997, Osmeña said now it has come to reality, and he expects to get the return of investments (ROI) fast.

The Philippine government has played a very important role in the crisis-battered project, as it opened its arm to give financial assistance to the project.

Last year, the government-led Philippine Export and Import Credit Agency (PhiEXIM), Philippine Veterans Bank (PVB) and Hilton Cebu Resort and Towers' developer GPC signed a P380 million loan and guarantee agreement to finance the completion and operation of the project in Mactan Island, Cebu.

The GPC loan and guarantee deals with PhilExim and PVB is the first of its kind agreement done in Cebu, for large project arrangements

The entire resort is managed by Hilton International, the oldest hotel chain in the world. This is also the only Hilton Hotel in the Philippines, after the Hilton Manila declared closure few years back.

Due to the vibrant tourism industry in Cebu, with both international and domestic guests are wanting for five-star resort accommodations in Cebu, Osmeña expects its in the next five to six years.

"I am confident that we can hit our ROI within five or six years from operations. We are not just getting our resources from the hotel operations, but also from our condominium units' sales," Osmeña said.

He said the Hilton project is a unique development for Cebu because it doesn't only offer the five-star resort facility, but at the same it houses owners and occupants of its residential condominium units.