A CAPITAL investment company has set its sights on developing the 36-hectare Coral Reef Hotel in Lapu-Lapu City, in partnership with the property’s owner, the Lucio Tan-led Philippine National Bank (PNB).
Philippine-Russian International Development Enterprise (PRI) will also allocate $80 million for the project—which will fund the reconstruction of the hotel with 600 guest rooms.
PRI president Alexander Zusik said the company also plans to build 300 apartments in apartment buildings and 20 villas will also be constructed.
Zusik last Friday presented the proposed development during the Philippine-Russian Business Assembly Forum at the Cebu International Convention Center.
Although the PRI is yet to present the final development plans to its partner, Zusik said the company expects to complete the project in two years.
Upon completion, Zusik—through an interpreter—said the yet to be named hotel will also feature a business center that will cover 8,000 square meter of space and will include office units and conference halls.
Endorsements
He added that PRI will also present the plan to concerned local government units (LGUs).
“We are now starting to coordinate with the owner and to get endorsements from the (LGUs),” he said.
Zusik, however, was not able to explain how the company will implement the project since Coral Reef Hotel is currently subject to a legal battle that involves its previous developer and PNB.
PRI is a Philippine-based company founded by Russians, Americans and Filipinos. It is involved in property development, and the implementation and operation of various architectural projects.
Its projects are mainly promoted as “tropical vacation” destinations for Russian citizens, according to its company website.
Zusik said PRI is studying the Southeast Asian market and plans to promote its projects in Japan, China and Korea.
In all its developments, he said, the company specializes on “preserving the environment” through eco-friendly technologies.
PRI also have projects in Camarines Sur and Subic.
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