Philippine holding company invests in first hotel

Manila's Lao family of the D&L Industries, a holding company, 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 and set to open in 2016.

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.