Real estate development firm Wellworth Properties and Development Corp. yesterday broke ground for the first Wyndham Garden Hotel in Quezon City, budgeted at P1 billion and targeted to open by the fourth quarter of 2021.
Wellworth managing director Harley Geraldine Pow told reporters during the groundbreaking ceremony the company is spending approximately P1 billion for the development of the first Wyndham Garden Hotel in the country, to be located along Eugenio Lopez Drive in Quezon City.
“This is going to be the showcase piece for the Philippines,” she said.
As Wyndham Garden is the upper-midscale band of the Wyndham Hotel Group and positioned as a three- to four-star hotel, the company is targeting businesses, as well as entertainment firms ABS-CBN Corp. and GMA Network Inc., which are located near the hotel, as clients.
To be constructed by Wellworth’s parent company H.S. Pow Construction and Development Corp. on a 2,000-square meter (sqm) property, the 25-story Wyndham Garden Hotel in Quezon City will have 235 rooms and feature other facilities such as an all-day dining cafe and bar, a 350-sqm grand ballroom with seating capacity up to 350 individuals, function rooms for meetings, indoor swimming pool, as well as a gym and spa.
Citing consumer interest for branded condotels as a form of investment, Pow said the company would be selling 40 percent or about 95 units of the Wyndham Garden Hotel under a sale and lease back agreement.
The units, covering 30 to 35, sqm ,will be offered for sale at about P5 million to P6 million each.
Pow said individuals who will purchase a condotel unit will have to sign a management contract allowing Wellworth to rent out the room and manage its day to day operations.
Investors will receive a condominium certificate title, get a share of the rental income every quarter, and be able to use the unit for free for around 10 to 15 nights per year.
“We’ll start pre-selling units in the fourth quarter of this year, when there are three or four stories,” she said.
She said the company is aiming to open the hotel by the fourth quarter of 2021.
https://www.philstar.com/business/2019/05/08/1915867/wellworth-properties-breaks-ground-p1-b-wyndham-hotel-qc
Wellworth managing director Harley Geraldine Pow told reporters during the groundbreaking ceremony the company is spending approximately P1 billion for the development of the first Wyndham Garden Hotel in the country, to be located along Eugenio Lopez Drive in Quezon City.
“This is going to be the showcase piece for the Philippines,” she said.
As Wyndham Garden is the upper-midscale band of the Wyndham Hotel Group and positioned as a three- to four-star hotel, the company is targeting businesses, as well as entertainment firms ABS-CBN Corp. and GMA Network Inc., which are located near the hotel, as clients.
To be constructed by Wellworth’s parent company H.S. Pow Construction and Development Corp. on a 2,000-square meter (sqm) property, the 25-story Wyndham Garden Hotel in Quezon City will have 235 rooms and feature other facilities such as an all-day dining cafe and bar, a 350-sqm grand ballroom with seating capacity up to 350 individuals, function rooms for meetings, indoor swimming pool, as well as a gym and spa.
Citing consumer interest for branded condotels as a form of investment, Pow said the company would be selling 40 percent or about 95 units of the Wyndham Garden Hotel under a sale and lease back agreement.
The units, covering 30 to 35, sqm ,will be offered for sale at about P5 million to P6 million each.
Pow said individuals who will purchase a condotel unit will have to sign a management contract allowing Wellworth to rent out the room and manage its day to day operations.
Investors will receive a condominium certificate title, get a share of the rental income every quarter, and be able to use the unit for free for around 10 to 15 nights per year.
“We’ll start pre-selling units in the fourth quarter of this year, when there are three or four stories,” she said.
She said the company is aiming to open the hotel by the fourth quarter of 2021.
https://www.philstar.com/business/2019/05/08/1915867/wellworth-properties-breaks-ground-p1-b-wyndham-hotel-qc
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