CEBU, Philippines- The economic upturn and favorable outlook for Cebu has prompted luxury resort and restaurants operator Abaca Group to spend at least P180 million to expand its footprint here.
Abaca Group founder Jason Hyatt announced in an interview that the company is going to open another luxury resort facility in Mactan as well as add more restaurant and cafe brands in Cebu starting this year.
Hyatt said confidence of big investors in Cebu in recent years and the encouraging results of its existing businesses have intensified the company's interest to invest further in the accommodation and restaurant sectors.
The Abaca Group entered into the luxury accommodation and restaurant sector in Cebu 2006, through the nine-room Abaca Boutique Resort in Punta Engaño, Mactan Island.
Today, the Group owns several restaurant brands, such as Maya Mexican Restaurant, Tavolata Italian Restaurant, two Phat Pho Vietnamese Kitchen outlets, Beqaa Middle Eastern Restaurant, and the newly opened Abaca Baking Company Cafe & Coffee House.
According to Hyatt the lucrative restaurant and accommodation businesses in Cebu is something that cannot be overlooked.
Part of the company's massive expansion plan is to open a 169-room luxury hotel also in Mactan, to be situated in 24-story condominium building to be called "The Reef", of which Hyatt and his partners including world renowned designer Kenneth Cobonpue, will lease two floors for their luxury hotel venture, including another leasing deal for the second tower.
Hyatt believes that Cebu's potential to draw in affluent market --both local and foreign is tremendous.
Simultaneously, the Group will also spend on the expansion of its new baking company, the Abaca Baking Company Cafe & Coffee House.
In the last nine years since the opening of chic and classy Abaca Resort and restaurant, Hyatt said the business is powered by local market, although foreign tourists especially Japanese are dramatically increasing. (FREEMAN)