CLARK FREEPORT– The moribund Oxford Hotel is getting a P1-billion shot in the arm in the bid of its new investor to make it one of the top hotels in this freeport.
Renovation work worth at least P200 million has started and is expected to be finished in time for the hosting here of the Asia Pacific Economic Cooperation (APEC) meeting in January next year.
The Clark Development Corp. (CDC) which manages this freeport has signed an agreement with Oxford’s new owner Eight Integrated Development Corporation (EIDC), represented bit its treasurer Victoria Martinez, for the project.
The CDC said EIDC will invest an initial P200 million for the renovation of the hotel’s two floors in time for APEC. Also included in the initial investment is the face-lifting of the building façade.
Oxford Hotel here has been through several managements but performed less creditably than other local hotels of its size. The three-star hotel will also start the construction of the first phase of a sports facility.
CDC said some 50 workers have already been hired to finish the initial phase. The CDC said EIDC committed to finish its P1-billion projects in five years. This will include a new hotel building, a casino, and a restaurant complex with one-stop shop commercial complex.
EIDC is expected to employ a total 615 employees within the next five years.
