Cebu Landmasters, Inc. (CLI) said it has acquired the luxurious Abaca Boutique Resort + Restaurant and the two-hectare Lowaii Cebu Marine Beach Resort, both on Mactan Island, Cebu.
Abaca Resort will shut down in February 2020 to pave for its redevelopment, which is targeted to be completed in 2023, CLI said in a statement issued Thursday, September 12, 2019.
The new resort is envisioned to feature an “iconic and sustainable resort tower” that will showcase 100 all-suite Sky Villas, the first in Mactan.
The redeveloped resort will still be managed by The Abaca Group, which runs several restaurant brands in Cebu.
A hotel management agreement was signed between CLI and The Abaca Group to “ensure that the Abaca Brand of uncompromising quality and high-end, personalized service will continue in the new Abaca Resort Mactan,” CLI chairman and CEO Jose Soberano III said in the company statement.
“CLI and The Abaca Group will create world-class synergies that will allow us to maximize tourism opportunities in Cebu, a booming growth area supported by large-scale infrastructure development projects such as Terminal 2 of the Mactan Cebu International Airport,” Soberano added.
The Abaca Resort Mactan is a luxury resort in Punta Engaño with nine all-suite rooms, a footprint of 4,328 square meters and “an attractive oceanfront”.
CLI said an initial payment was made upon the signing of the sale agreement. The company has yet to disclose the purchase price, but assured it is less than the threshold of 10% of the CLI's total asset value value.
The Abaca Group founder Jason Hyatt said they have been approached by several developers to expand the resort brand, “but the thoughtfulness and commitment to quality that Cebu Landmasters brought to the table was undeniable and made the decision easy.”
“With Cebu being our adopted home, it has always been our vision to contribute to the growth of Cebu’s tourism and hospitality industry on a much larger scale, especially the Abaca Resort and Hotel brand,” he said.
“Having this unique partnership and opportunity to manage a premier property developed by the region’s premier developer is a significant step towards our vision of breaking out as the country’s top homegrown luxury hotel group,” he added.
Renovation of Lowaii resort, meanwhile, is ongoing. This property, which had over 20 rooms, was a mid-range development in Barangay Suba-Basbas in the southern portion of Mactan Island.
CLI, which was recently named by PropertyGuru as the country’s Best Developer for 2019, currently has 58 projects in various stages of development in seven key cities in the Visayas and Mindanao. (Ventures Cebu)