Security Bank and Limketkai Hotel & Resort Corp signs loan partnership

Just recently, Cagayan de Oro-based business groups Limketkai Hotel & Resort Corporation and Security Bank Corporation signed a 750-million peso term loan partnership to fund the construction of the proposed 18-storey, 224-room hotel project that will be situated beside Limketkai mall here in Cagayan de Oro. According to a source, Limketkai Hotel & Resort Corp. will start the construction of their world-class 4-star hotel this year and is expecting it to be fully operational by late 2011 or early 2012. Upon completion, the hotel will then be the tallest structure ever built here in Mindanao. And probably one of the best hotels in Cagayan de Oro for locals and foreign visitors. In an interview, Mr. Lim said Limketkai Sons, Inc. will convert its property in Lapasan district into the city’s new central business district. The plan includes the new Gateway building on the national highway, the new hotel, and an elevated walkway that connects buildings in the area.

The undergoing construction in Limketkai’s business establishment only shows that Cagayan de Oro is already a booming commercial capital in Mindanao. Now that Ayala Mall Cagayan de Oro will soon be constructed to be one of the biggest malls in Mindano, there will be a tight competition among commercial entities here in CDO.

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