S. Korean Hotel Chain To Expand in Cebu
28th, 2006 by jorge
Cebu has been the most preferred tourist destination in the Philippines for many years, especially for East Asian travellers. In past years, Japanese tourists dominated the number of foreign visitors to Cebu until two years ago when Korean tourists overtook them and have taken the position ever since.
Cebu, as a tourist destination, has been growing at a faster rate than any other places in the country that resulted to accommodation shortage in recent years prompting the Department of Tourism (DOT) 7 to encourage local and forein investors to build more hotels and related facilities to accommodate the growing tourist arrivals in the province.
Some of the foreign investors who are now taking heed of the agency’s call are mostly Korean businessmen. The most recent Korean investor to enter the hotel industry is the Imperial Palace Hotel chain. The Seoul-based hotel chain will sign a deal to build a hotel in the Philippines, particularly in Mactan Island, becoming the first South Korean hotel chain to branch out overseas.
The Imperial Palace Hotel is the latest addition to Korean-owned hotel and residential investments in Cebu in less than a year. The other projects include a five-star resort hotel and condominium complex in Marigondon, (also in Mactan) and a high-rise condomium project at Cebu Business Park.
The agreement, to be signed today with Manila’s BXT Corp., calls for the construction of a 15-story 668-room hotel on Mactan Island in the central part of the Philippines by October next year.
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I just wanna clarify if that Korean 7 tower condotel that will be built in Marigondon Lapu Lapu City is different from this project coz in other reports, the 7 condotel 7 towers to be built in Marigonon is “the Imperial polis” while this new S Korean hotel to be built is “the Imperial Palace Hotel chain”… Both have Imperial and I’m doubtful if these projects is only 1.