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Frequently Asked Questions

Savoy Faqs

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Frequently Asked Questions

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How does the

condominiumhotel

operate?

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Savoy Hotel will be operated and managed by Prestige

Hotels and Resorts, Inc. (PHRI), a company dedicated tomanaging Megaworld’s hotel and leisure portfolio, either

by itself, through a subsidiary or affiliate, or through a third

party. Prestige’s current roster of projects includes The

Richmonde Hotel in Ortigas CBD as well as the EastwoodRichmonde Hotel at Eastwood City.

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How does one become a condominium

hotel unit owner at Savoy Hotel?

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First, the investor has to choose between the two

types of units: a Twin Bedroom Suite or a Queen

Suite. Upon purchase of the unit, we request the

unit owner to sign the Request for Reservation

and Offer to Purchase, the Fit-out Agreement, the

Contract to Buy and Sell and the Lease

Agreement.

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What is this

Leaseback Agreement?

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By the Lease Agreement, the investor

leases the unit to Prestige Hotels and

Resorts, Inc. (PHRI), which unit shall then

be included in a pool of condominium hotel

units to be made available to paying guests

for use as hotel rooms.

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What are the terms

of the lease?

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The lease shall be for a period of fifteen (15) years,

commencing on the date on which paying guests are

first admitted to the Hotel by the hotel operator, and

ending fifteen (15) years thereafter (the “Initial

Lease Term”). The lease shall be automaticallyrenewed for another fifteen (15) years, unless the

Lessee serves notice to BUYER not later one (1) year

prior to the expiration of the fifteenth (15th) year of 

the Initial Lease Term that the Lessee does not wishto renew the lease.

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What is the advantage of 

engaging a hotel operator to

manage the operations of 

the condominium hotel?

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This arrangement gives the condominium hotel unit

owner a “worry free” investment because the hotel

operator manages the leasing of the hotel rooms, theirmaintenance, refurbishment and improvement as well as

their operating expenses, real property taxes, association

dues, common area charges, utilities, insurance and other

related expenses. All expenses including advances for theexpenses and in case of deficiency, shall be deducted from

the gross room revenue.

An independent auditor, belonging to the Top 5 auditing

companies accredited with the Philippine Securities and

Exchange Commission, will be hired to audit, examine or

review the hotel operator’s annual operating statement.

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Will the unitowner still

earn if his orher unit is

not rented?

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Yes,a condominium hotel unit owner will be entitled

to a share in Net Room Revenue regardless of 

whether his unit was actually rented or not.

Under our system, the hotel operator will pool

together the rental revenue generated from all

hotel units and distribute the Net Room Revenue

to all hotel unit owners after the end of eachoperating year.

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Are there anyother

condominiumassociation

dues?

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Condominium association dues

shall form part of the hotel

operating expenses and shallbe deducted from Gross Room

Revenue.

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Can the unit

owner live inthe property

full time?

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No.

As a condominium hotel owner, he or

she may occupy for personal use, ahotel room for 30 room nights per

operating year. Room may not be

the exact unit purchased.

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When does

the unit owner

get his or her30 Free Room

NightsPrivilege?

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The 30 Free Room Nights Privilege can be availedof by the condominium hotel unit owner

throughout the operating year. He or she will just

have to contact the hotel for advance booking. If 

a unit is turned over and included in the pooled

units after the start of an operating year, the unit

owner shall be entitled only to a pro-rata number

of room nights corresponding to the remaining

period of the operating year.

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As a matter of policy, a condominium hotel

unit owner may be allowed to avail of up to 10

free room nights only per visit.

Also as a policy, the condominium hotel unit

owner can book any room except for the peak

periods or close-out days. Traditionally, NewYear’s Eve, Chinese New Year and convention

periods are peak periods. This policy is created

so that we can accommodate as many hotelguests as possible during the peak periods of 

hotel operations, in order to maximize returns

for the investors.

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Can a unitowner use his or

her 30 day FREEfor more than

one unit at the

same duration?

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Yes,the condominium hotel unit owner may occupy

more than one hotel room at a time, provided it

does not exceed the maximum stay of 10 free

room nights per visit.

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Can the unit

owner still

reserve a room

after he is ableto use up the 30

Free RoomNights Privilege?

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Yes,he may still book a room beyond

the 30 Free Room Nights Privilege,this time as a regular paying hotel

guest and after the usual advance

booking.

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Can the unit

owner transfer

the rights of the30 day stay to

another party?

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Yes,

the 30 free room nightsprivilege may be

transferred to a

condominium hotel unitowner’s guest. The unit

owner simply has to fill up

an endorsement form,

which will be subject to

room availability and

booking confirmation.

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Do I have the option of 

selling my hotel unit?

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Yes.However, the unit shall be offered first to

Prestige Hotels and Resorts Inc. at a certain

price. Should PHRI waive its right of first refusal

over the unit, it can be offered to the openmarket at the same terms and conditions offered

to PHRI.

The transferee will still be bound to honor and

respect the Lease Agreement signed by the

previous unit owner.

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When is the expected

completion of the hotel?

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January 2016

plus 8 months grace period