As condotels find popularity, Wyndham builds first in PH Featured

 wyndhamcondo

The world’s largest hotel franchise is building its first condotel in the Philippines, a P1-billion project in Quezon City aimed for completion in late 2021, according to a top official.

Wyndham Hotels and Resorts Inc. will franchise its first Wyndham Garden Hotel brand in the country, which will then be built and managed by a local contractor.

The brand has been franchised to Wellworth Properties and Development Corp., the real estate arm of H.S. POW Construction and Development Corp.

Harly Geraldine Pow, managing director of Wellsworth, said condotels have recently become popular because the business model allows investors to earn from their assets. In condotels, a portmanteau of the words condominium and hotel, there is joint ownership between the investor and the hotel partner.

The property, located in front of the ABS-CBN Broadcasting Center in Diliman, used to be the Manila office of H.S. POW.

The 2,000-square-meter condotel would start preselling in the fourth quarter of the year, Pow said.

Pow, who is also the business development and marketing manager of H.S. POW, said interested condominium buyers could purchase the unit and have the company run it on their behalf.

She explained many Filipinos would want to have a recurring income outside of their daily jobs, but managing a condominium could be a hassle, given the need for furniture, among other concerns that potential tenants might face.

“If you’re a mom and you have kids, and your job is from 9:00 a.m. to 5:00 p.m., sometimes, it’s such a hassle to do that (manage a condo unit). With a condotel, it’s like a hassle-free investment because you let us manage it for you,” she said.

She said they were “fortunate” that Wyndham allowed them to use the brand for the condotel, giving it a boost since many were already aware of its international reputation.

According to its website, Wyndham is the largest hotel franchise in the world, with thousands of hotels under different brands. Here in the Philippines, it is already present through its Microtel and Days Inn brands.

Pow said H.S. POW was open to franchising another Wyndham hotel, although talks about this have yet to start.


Retrieved from: https://business.inquirer.net/269990/as-condotels-find-popularity-wyndham-builds-first-in-ph#ixzz5nI9S4RmO 

 

Read 32 times Last modified on 08 May 2019

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