Filinvest Land Inc. (FLI) will use the system to ensure that condotel owners will earn revenues from their condotel units.

In a rental pool system, condotel units are leased out when their owners are not using them. The units will be pooled and will be run like ordinary hotel rooms.

Each condotel unit owner will receive the income from the hotel management operations at the end of every quarter. And even if a room is not occupied, the owner will still get a share from the revenues.

“As long as there is revenue for a room, whether it's your room or somebody else, it doesn't matter. You're going to earn, you're going to have a share on the revenue,” said Tristan Las Marias, FLI vice president for Visayas and Mindanao.

“The shares on the revenues will be dependent upon the type of your unit and the number of nights that you have made it available to the hotel for its hotel operations,” he added.

A condotel combines the features of a condominium and a hotel.

Las Marias said the firm came up with concept for its condotel to reap the economic benefits of the tourism boom and the increasing number of OFWs working abroad.

He said he is optimistic that the condotel will gain more investors

He noted the Department of Tourism survey showing the 75 percent occupancy rate of hotels for the past four years in Cebu.

“The investment momentum for condotels is gaining,” said Las Marias. “It's starting to snowball already because the market is outside, it's not just in Cebu.

FLI started offering condotel units to the market in August 2007.

He said the price of each condotel unit ranges from P2.1 million to P2.3 million.

He said the Grand Cenia Condotel and Residences will open on 2011.

The condotel's construction started last April 26 after the groundbreaking ceremony led by the firm's officials.

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