Vista Land
and Lifescapes Inc is increasing its exposure in the hospitality sector. Vista
Land chairman Manuel B. Villar last week told reporters that the company has
identified 18 sites where it could put up its own branded hotel projects in the
next few years. The expansion of its hotel business is considered a logical
move given the scale of Vista Land’s residential business, Villar said, adding
that plans are still being finalized.
"When
I returned to business, we decided that we would just be no longer a housing
company. We will be a complete real estate company," he said. The country's
largest homebuilder is also beefing up its portfolio of strip malls or
neighborhood retail centers to boost the contribution of its leasing business
to P1 billion by 2017. Vista Land is in the hospitality sector through
Crosswinds, a Swiss-inspired township project in Tagaytay. The hotel component
of the 100-hectare project, Crosswinds Resorts Suites, is managed by
Hospitality International Inc.
"It
has been our practice ground for the past two to three years and we feel we're
ready," Villar said. Vista Land is among the several property companies
accelerating their investments in the hospitality sector because of the
government's effort to boost tourism and improve infrastructure in the country.
The company is projecting a double-digit growth for the entire 2014 after
pocketing P1.5 billion in the first quarter, 11 percent higher than the P1.3
billion registered in the same period in 2013, on the strength of the Camella
brand. Real estate revenues jumped 12 percent to P5.4 billion this year from
P4.9 billion last year. Vista Land is the holding company of five business
units, namely, Brittany, Crown Asia, Camella Homes, Communities Philippines,
and Vista Residences.
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