MANILA, Philippines – Vista Land & Lifescapes is pouring in about P1.6 billion to develop another hotel brand, making it a complete and integrated real estate company with solid recurring earnings.
The company’s hotel chain will carry the name Mella, similar but a shortened version of Vista Land’s popular housing brand Camella Homes, said Vista Land founder and chairman Manuel B. Villar Jr.
“The name will be Mella Hotels,” Villar said.
“By 2020, Vista Land will be completely different and will be a complete real estate company. There will be horizontal and vertical residential projects, hotels, malls and BPO offices,” Villar said.
He said the hotel chain, targeted for the middle market, would be put up in Tagaytay, Las Pinas, Bataan and two in Boracay.
At present, the company already has a small hotel in Boracay, which they acquired recently.
“We are still feeling our way in the hotel business but we plan to go big and will soon be ramping up our expansion,” he said.
The company is already building two hotels – a second branch in Boracay and a third one in Las Piñas.
“We have not decided yet on the number of rooms but these should have around 150 rooms each,” he said.
Vista Land has set aside roughly P1 billion for the construction of the hotel in Boracay, which will be located beside the upscale Shangri-La Resort Boracay.
For the Las Pinas branch, Vista Land is expected to invest P500 million to P600 million.
More branches will be put up in Tagaytay, Bataan, and in Daang-Hari where Vista City is located.
Villar said they would put up a Mella Hotel beside its first hotel brand, Crosswind in Tagaytay.
The company is also investing heavily to develop more office spaces as the country’s business process outsourcing industry continues to grow.
Villar noted that the Philippine economy in general has “leveled-up,” paving the way for the expansion of more Vista Land units.
“We’re trying to go fast so the ratio of leasing income will be growing. Moving forward, it will be like the rate of the other major property companies,” he said.