Grand Cenia Residences owner-investors receive 1st quarter rental income share from Quest Hotel

CEBU CITY, Philippines - Qualified condotel unit owner-investors of Grand Cenia Residences recently received their sixth quarterly share from rental income that benefited a lot from the high occupancy of adjoining Quest Hotel & Conference Center in Cebu City during the first quarter this year.

What they received was 40 percent more than the preceding quarter, disclosed Tristan Las Marias, first vice president of Filinvest Land, Inc., developer and operator of Grand Cenia Residences.

Through Prosperity Specialists Resources, Inc. (Prosper), the condotel management company of Filinvest, shares in earnings from rental income have been distributed to the condotel unit owners every quarter since Quest Hotel started operations in February 2012.

“Grand Cenia condotel unit owners are directly benefiting from Cebu’s bullish hotel business, generating a steady flow of recurring income with a possible upside on the real estate’s value appreciation,” noted Las Marias, also president of Prosper.

James Montenegro, area general manager of FilArchipelago Hospitality, Inc., operator of Quest Hotel and Conference Center, personally oversaw and handover of the rental income at Puso Restaurant last April 21 and 22.

Montenegro noted Quest Hotel - Cebu attained an average occupancy of 79.7 percent, which so far is the best performance of the hotel since it opened.

Quest Hotel, a member of the international chain hotels by Aston International, forms part of the 25-storey Grand Cenia along Archbishop Reyes Ave. across Cebu Business Park, while Grand Cenia is part of the several developments of Filinvest in Cebu.

The 119 residential condominium units are in the 19th to 25th floors, while 432 condotel units are in the 8th to 18th floors.

Filinvest is constructing the 50.4-hectare seaside residential community Citta de Mare (City by the Sea), which is a waterfront lifestyle strip at South Road Properties. It also built One Oasis Cebu, a resort-style mid-rise condo community in Mabolo, Aldea del Sol and Corona del Mar.

Rental Share: Quest Hotel & Conference Center Cebu tenant relations specialist Marilou "Bing" Iway (center) hands over to Mr. Rodolfo Ramos (right) and his wife Zenaida Ramos (left) their rental income share for the first quarter of 2014 as owners of Grand Cenia Residences condotel units used by the hotel.