Security Bank, Limketkai Hotel sign Php 750-M term loan deal

Security Bank Corporation (SBC) and Cagayan de Oro-based Limketkai Hotel & Resort Corporation (LHRC) recently signed a P750-M term loan partnership to fund the construction of an 18-storey, 224-room hotel and resort development project within the company’s 30-hectare commercial complex in Cagayan de Oro City.
This hotel project is Limketkai’s response to provide first class facilities that will cater to Cagayan de Oro’s thriving business sector and tourism industry. Limketkai Hotel & Resort Corp. will start construction this year and is expected to be operational by late 2011 or early 2012. Upon completion, the hotel will dominate the cityscape as one of the tallest structures in Mindanao.
Security Bank recognizes the rapid growth prospect for the property industry in Cagayan de Oro and supports the Limketkai Group’s vision to expand their portfolio to make the Limketkai Center, Cagayan de Oro’s most prestigious business address and the most modern commercial complex in Northern Mindanao.