Lao family ventures into hotel business
The Lao family of the successful D&L Industries Inc. has recently ventured into the hospitality business with the development of a 150-room serviced apartment/hotel in Filinvest City, Alabang to be managed by Ascott group.
The Lao-family owned property arm LBL Prime Properties Inc. is the developing the hotel, which is expected to be completed by 2017 under the brand Somerset Alabang.
Somerset Alabang Manila is set to offer spacious studio, one- to three-bedroom residences and penthouse units. All apartments will come with a fully-equipped kitchen, separate living, dining and work areas.
The hotel development was recently included in the list of highly commended hotel projects in terms of architectural design by the Philippine Property Awards for 2015.
D&L is also in the process of contributing additional landbank for LBL, with the recent sale of 6,000 square meters of land in Quezon City for P335.4 million.
The lot was owned by Chemrez Technologie Inc., which D&L acquired in 2014. As property development is a non-core activity of D&L, the chemical manufacturer decided to sell the lot to LBL and to deploy the proceeds from the sale to core manufacturing.