Korean firm invests $60M in 5-star resort

A 7.5 hectares property in Marigondon, near EGI condotel and resort, will be developed into another five-star facility and provide high-end condominium units to be completed in the next 18 months.

The Joil UBF Corporation, a company composed of Korean nationals and some Cebuanos, is partnering with one of the largest hotel developers in Korea, the BXT Busan Express Terminal Corporation for this project.

In an interview, Joil UBF Corporation chairman Yong Jun Park said that the company is currently clenching negotiations with three international hotel chains to manage the property.

"We are talking with InterCon, Sheraton, and Marriott to possibly manage the resort," Park said.

However, he said the company is inclined to close a deal with InterCon, as it is the most serious party that wanted to manage the property.

Park's group together with Consul of Korea to Cebu Augusto Go paid a courtesy call on Lapulapu City Mayor Arturo Radaza Tuesday, as the construction of the project is set to start next month.

The land was owned by the Woolbright family and was purchased by Joil UBF Corporation, which is owned 60 percent by Cebuanos and 40 percent by Koreans.

Park visited Cebu April of last year, and easily got interested into investing in a hotel project with the help of Go, upon noting that the province desperately needs hotel accommodations, especially five-star resorts.

The project will include construction of six buildings, with 208 hotel rooms, 468 condotel units, and 44 pool villas.

Park said Cebu is one of the feasible sites for investments in the Philippines, especially in tourism related facilities.

Park, who used to be a construction and shipping player in Korea, said he likes to take advantage of the good tourism prospects in Cebu.

While he is not sure yet which hotel management company will manage the multi-million dollar resort and condotel project, he said the company's negotiation with InterCon is most feasible as they are now negotiating on rates.

"This [project] means more employment opportunities for Cebuanos once again. They [investors] will not bring Korean workers, but will hire locals," Go said.

"We should continue to bring in more investors here to benefit tourism, as well as employment," Go added.