SECURITY BANK Corp. will lend P750 million to a Cagayan de Oro property developer, which the latter will use to fund a hotel and resort project in Misamis Oriental province.
In a press release, Security Bank said it had signed a deal with Limketkai Hotel And Resort Corp. to fund the construction of the latter’s 18-storey, 224-room hotel and resort project in Cagayan de Oro.
Security Bank said the hotel will be built within the Limketkai Hotel and Resort’s 30-hectare commercial complex in the province. The property developer will start the project this year and expects this to be ready for operation by late 2011 or early 2012, Security Bank said. The hotel will be Mindanao’s tallest building upon completion.
So, Security Bank will finance Tower 2. There were rumors that for Tower 1, Limketkai has a foreign counterpart. Lets wait and see…