Lotte Hotels and Resorts has announced the launch of a 350-room hotel in Cebu, the Philippines's second gateway and financial hub. It expects it to operate sometime in 2014.
One of Korea's major hotel companies, Lotte City Hotel Cebu Hotels intends to appeal to Korean visitors, identified by local tourism officials as their "strongest single market, making up 24.13 per cent of current arrivals". In recent years, Cebu has proven to be a popular holiday destination for Koreans, prompting investment in real estate to set up resorts, retirement homes and wellness enterprises. Some 15,000 people reportedly make up the Korean community in Cebu City.
Lotte City Hotel Cebu will be located on top of J Centre Shopping Mall in Mandaue City, which is a 15-minute car ride from Cebu International Airport on Mactan Island. It will occupy the sixth to the 23rd floors. Owners of the shopping centre are Profood International, the largest producer of dried fruit in the country and part owner of another Korean hotel, Imperial Palace Resort in the Maribago resort area.
The Cebu property is part of Lotte Hotels' masterplan to grow to have 40 members in its portfolio by 2018. Others will be debuting in Hanoi in 2014 and Shenyang, China in 2017.
For an in-depth analysis of Lotte Hotels & Resorts, read Regional Players in the September issue of Business Traveller Asia-Pacific, or click here.
For a report on the Philippines' booming economy from the current BTAP, click here.
For more details, visit www.lottehotel.com
Margie T Logarta