Furniture firm ventures into boutique hotel biz

CEBU, Philippines – The rosy tourism prospects in Cebu prompted furniture and real estate company Coast Pacific Manufacturing Corporation (CPMC) to spend P40 million in establishing a chic boutique hotel called "Goldberry Suites".

Located in Lapu-Lapu City, CPMC chief financial officer (CFO) Justine Andrew C. Lo said the company sees the opportunity to enter the dynamic tourism sector, while Cebu has already proved its worth in terms of attracting local and foreign tourists, with or without crisis.

The company acquired the former Cesar's Palace in Lapu-Lapu City and converted the six-story building into a boutique hotel, to provide a wide range of accommodation choices on Mactan Island, which is considered as Cebu Province's premier tourism destination.

CPMC, a company which has been successful in the furniture making for export, real estate business, warehousing, stone-tiles manufacturing, is confident that its expertise in these businesses could also complement with its entry in the accommodation service business.

The 45-room hotel, with its modern-contemporary interior design, is expected to attract the sophisticated yet budget-conscious travelers from all over the country, including foreign visitors.

"We made it sure that the facilities are internationally-at-par. We even have the same facilities offered by well-known hotels here. But, we will make our rates more affordable and pocket-friendly," Lo said in a press conference held recently.

Set to be commercially opened by end of October this year, Goldberry Suites will be pegging its room rate at the range of P1,800 (overnight) to as high as P5,500 for the penthouse accommodation.

Lo said the company has responded to the economic opportunities offered particularly in Cebu, and the best way to grab it is through investment in tourism.

In fact, he said the company is planning to open up a resort somewhere in Maribago also in Lapu-Lapu in the future.

CPMC also owns a beachfront property in Maribago, being prepared for the right opportunity to invest in another accommodation facility, while multinational firms and giant developers in the country are now outsmarting each other to establish resort facilities along the Mactan Island beachfront.

Recently, the president of the First Metro Investment Corporation, a large conglomerate which is part of the MetroBank Group, Francis Sebastian told Cebuanos to take advantage of the ripe opportunity in direct investments Cebu is offering, otherwise outside capitalists will be able to enjoy the "abundance" of Cebu.

"Cebu is open for business. Partake in this opportunity," he encouraged Cebuano capitalists emphasizing that if Cebuanos will not take advantage of the fertile investment soil here, others will surely grab it.

He said Cebu has captured the international investment community's interest thus it can claim to be the premier "investment destination in the Philippines." (FREEMAN)