Filinvest Land Inc has announced a 40 percent year-on-year rental income increase for qualified unit owners of the Grand Cenia condotel project in Cebu City.
“Our condotel units owners are now realizing their profit from their investment with their receipt of the quarterly rental income share.” said Filinvest Land first vice president Tristan Las Marias.
The Grand Cenia condotel units, which were combined through an asset pool, are used as rooms of the Quest Hotel and Conference Center Cebu.
The hotel distributes rental income to each qualified condotel unit owner on a quarterly basis. The rental income share for Q1 2014 which is released every quarter is the 6th rental income distribution for the hotel since it started commercial operations last quarter of 2012.
James Montenegro, the area general manager for Quest Hotel and Crimson Mactan Resorts, said the significant increase in the rental income share for each qualified condotel unit owner is due to the high average occupancy performance of the hotel for the quarter which at 80 percent is the best so far since the hotel started operations.
“The various city-wide events like the Sinulog Festival, Chinese New Year, and Valentine’s Day, all happening during the first quarter and also to your hotel’s ability to attract more and more returning guests and longer-staying corporate clients during the period,” added Mr. Montenegro. “We also have to credit our sales team for their tireless efforts to aggressively market the property both locally and abroad.”
Quest Hotel, a member of the international chain hotels by Aston International, forms part of the 25-story Grand Cenia along Archbishop Reyes Ave. across Cebu Business Park. The 119 residential condominium units are in the 19th to 25th floors while 432 condotel units are in the 8th to 18th floors.
Grand Cenia is part of the several developments of Filinvest in Cebu. Filinvest is constructing the 50.4-hectare seaside residential community Citta de Mare (City by the Sea), which is a waterfront lifestyle strip at South Road Properties. The Gotianun-owned real estate firm also a has three-hectare One Oasis Cebu, which is an exclusive, resort-style, mid-rise condo community in Mabolo district, just five minutes away from the Cebu Business Park and Asiatown It Park. Filinvest is developing Aldea del Sol and Escala at Corono del Mar.