PROPERTY developer Cebu Landmasters Inc. (CLI), through subsidiary CLI Hotels & Resorts, has opened a third hotel in Cebu City, a move it said had bolstered its hospitality business.

"We are excited for the opening of Lyf Cebu City, [which] offers young travelers an exciting blend of modern accommodations and a dynamic environment unmatched in Cebu," CLI Hotels & Resorts Director Mathias Bergundthal said in a statement on Tuesday.

He pointed out that the 159-room hotel underscores the company's confidence in the growing tourism market in the Visayas and Mindanao areas.

Lyf Cebu City — the first Lyf property in the region and second in the country — is operated by Singapore-based hospitality company The Ascott Ltd.

With the opening of the new hotel, CLI now has 10 projects under its hospitality portfolio, featuring more than 1,700 keys and 316 rooms currently completed.

CLI said it is looking to launch two other hotels this year: the 200-room Citadines Bacolod City — set to open this March — and Radisson Red, a 144-room development that is targeted to be completed by the end of 2024.

Apart from The Ascott Ltd., the company said it had also partnered with international hotel operators Radisson and Accor, as well as local players like the Abaca Group.

Based on its unaudited revenue, CLI's hospitality business booked a 67-percent increase year on year in 2023.

In the first nine months of last year, the company saw its net income grow by 28 percent to P3.0 billion from P2.4 billion, while sales increased to P17 billion on the back of sustained housing demand.

CLI's share price was unchanged at P2.63 on Tuesday.