Developer eyeing budget hotel ventures

CEBU, Philippines — AppleOne Properties Inc., is now eyeing good opportunities for budget hotel ventures.

In an interview with the company's president Ray Go Manigsaca, he said that after its successful joint-venture with Starwood Hotels & Resorts Worldwide, Inc. via the Sheraton Cebu Mactan Resort and the Residences, AppleOne is now looking at partnering with another global hotel chain for its planned establishment of budget hotels or backpackers' accommodation facilities.

Already, the company acquired a piece of property adjacent to Sheraton Mactan, to establish another hotel brand that caters to budget-conscious travelers, including backpackers.

According to Manigsaca, his team is now looking at possible global hotel brand that is known for managing three-star or budget hotel properties.

Likewise, the company is also actively looking at expanding its land bank in Cebu, to pursue its planned expansion in hotel, as well as economic residential projects.

With the new airport terminal soon to open in Cebu, Manigsaca expressed high hopes on Cebu's economic growth especially in the tourism and real estate.

Thus, instead of looking at other territories for expansion, Manigsaca said the company will put its attention solely in Cebu as opportunities for business is tremendous here. (FREEMAN)