Korean-led firm kicks off 5-star resort development

Philippine BXT Corporation, a Korean-led company, officially started its P3 billion five-star resort development in Mactan Island, adding another 600 premium accommodation in Cebu.

The Imperial Palace WaterPark Resort and Spa, situated in a 7.5 hectare property in Maribago, Lapu-Lapu City, kicked off its development in a ceremonial ground breaking event, graced by Department of Tourism (DOT) chief Joseph Ace Durano.

Phil. BXT Corporation, the developer of the project, has tapped the services of Imperial Palace Hotel in Seoul, Korea to run and manage the resort. Imperial Palace Hotel is one of the finest in Korea with a vast network in their home country and the rest around the world.

"This is the single biggest [so far] Korean investment in the country," said Durano in an interview during the groundbreaking ceremony.

The resort will be fully operational by 2009. It will also finish its 110- hectare development project in Cordova as an added facility for the 27-hole golf course, and other leisure facilities, said project consultant Jefferson Lim.

According to Durano, five-star resort projects promise good return of investments (ROI) in the Philippines, specifically Cebu, as 90 percent of tourists prefer to stay in four-star or five star resorts or hotels.

To complement Mactan's existing hotel and resort establishments, Phil. BXT Corporation, which was organized in 2005, plans to develop a 616-room world class AAA resort consisting of six medium rise, three low-rise buildings, and 40 single units complete with amenities. The company also planned to develop complete recreational facilities inside the hotel, which includes swimming pools, tennis courts, water-park, ballrooms, and among others.

This project is the first venture of BXT Busan Express Terminal Corporation, the Korean-based counterpart of the Philippine BXT Corporation.

In an earlier interview with the company's chairman Yong Jun Park, he said Cebu is one of the feasible sites for investments in the Philippines, especially in tourism-related facilities. Park used to engage in construction business and shipping trade in Korea, now likes to take advantage of the good tourism prospects in Cebu.

The land, which was owned by the Woolbright family, the family that developed Beverly Hills Subdivision, was purchased by the Joil UBF Corporation, which is 60 percent owned by Cebuanos, and 40 percent owned by Korean nationals.

Park visited Cebu April of last year, and easily got interested into investing hotel project with the help of Augusto Go, Consul of Korea to Cebu, upon noting that the province desperately needs hotel accommodations, especially five-star resorts.

The 600 five-star room accommodation, however, will not totally solve the room shortage in Cebu, Durano said but it is a great help.

"As the capacity expands, more and more tourists will be lured to come to Cebu," Durano said adding that building these kinds of facilities are still encouraged especially in Cebu.

Even if Cebu will have to build 1,000 more rooms, Durano said shortage will not be totally solved, as the demand is continuously increasing.

With the additional pool of five-star rooms in the Philippines, or Cebu , there is no reason why the country will not hit 20 million tourist arrivals in the next few years, complemented with the right infrastructure.

The Imperial Palace WaterPark Resort & Spa will be the fourth five-star resort in Mactan Island, including Shangri-La Mactan Island Resorts, Plantation Bay Resort and Spa, and the Hilton Cebu Resort & Spa.