Monday, May 19, 2014

Vista Land mulls expansion of hotels business

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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