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7/31/2019 Savoy Faqs
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Frequently Asked Questions
7/31/2019 Savoy Faqs
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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