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Economy

Four-star hotel set to rise on Limketkai property

March 13, 2008 11:14pm
CAGAYAN DE ORO CITY — Limketkai Sons, Inc. will start construction of a 21-storey, 250-room hotel complex within the year in the company’s 30-hectare commercial complex in this city’s Lapasan district.

Alfonso Y. Lim, chief executive officer of the company, said the hotel project would cost roughly P700 million and is expected to be completed by 2010.

The hotel will be the tallest structure in Mindanao, and will have a four-star classification. The hotel complex will have the usual amenities and facilities such as a ballroom, a function room, a coffee shop, and a swimming pool.

It will rise on the west side of the Limketkai commercial complex between the company’s proposed Gateway building on the national highway and Rosario Strip, an upscale area near Robinsons Big R Super Center that hosts boutiques, wellness centers, coffee shops and restaurants.

The Limketkai Group, which is also into agribusiness, is controlled by the Lim family based here.

City Mayor Constantino G. Jaraula, who earlier commended local businessmen for laying out their investment plans in the city this year, praised the Lims’ hotel project. The mayor has made it a priority to boost the tourism.

Mr. Lim said the hotel will cater to businessmen as well as tourists. When asked if it will compete with the Mallberry Suites business hotel, which is adjacent to the Robinsons mall, Mr. Lim said the new hotel would complement the existing hotel’s operations.

The city has a number of major hotels aside from Mallberry, such as Pryce Plaza, Koresco, and Dynasty Court, catering to as many as 300,000 tourists arriving annually. Koresco Hotel, which was built by Korean investors, serves mainly Korean visitors.

In an interview with BusinessWorld late last year, Mr. Lim said Limketkai Sons, Inc. will convert its property in Lapasan district into the city’s new central business district. The plan includes the new Gateway building on the national highway, the new hotel, and an elevated walkway that connects buildings in the area. - BusinessWorld
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