Philippines-based Duros Land Properties, a subsidiary of the Duros Group, reportedly is negotiating with China's Hang Lü Group for a hotel development on Panglao Island in the country's Bohol province.
The hotel, slated to open in first-half 2020, will sit on a 3,000-square-meter property outside the new Bohol-Panglao International Airport.
Notably, the project will be developed as a "condotel"—constructed as a condominium but operated as a hotel—that offers both short-term and long-term stays.
Rafaelito Barino, chairman of the Duros Group of Companies, said Duros will build the property and then lease the whole space from Hang Lü, including the hotel operations. Barino added DLPI’s sister company, Regent Property Management International Inc., will be involved in the property management of the business.
The idea of partnering with the Chinese group started out as an exploratory project, Barino said, when Duros expressed interest to help develop the Panglao airport. While the company lost that bid, it began developing the hotel project instead.
This partnership with another international company comes after Duros sealed deals with Japanese companies in running a language school and in the development of a retirement village in Liloan for the Japanese market.