Cebu, Philippines—Cebu Landmasters Inc. (CLI) recently signed its third Serviced Residence Management Agreement with The Ascott Limited (Ascott): “lyf Cebu City,” a 153-room serviced residence targeted towards the booming millennial market in the city. The agreement will bring CLI’s hotel portfolio to around 600 rooms in four years.

“lyf” is Ascott’s latest brand designed for millennial travelers. Going beyond traditional hospitality concepts, lyf signifies a new way of living and collaborating with as a community, connecting guests with fellow travelers and changemakers.

Lyf Cebu City will have “Connect” communal spaces, co-working areas that can be easily transformed into spaces for workshops or social gatherings. The “Bond” social kitchen is where guests can prepare home-cooked meals, take cooking classes, and socialize while learning more about international cuisines from other residents.

The residential units’ sizes will range from 16 to 60 square meters.

A recent study by the Department of Tourism (DOT) shows that Mactan-Cebu will have a room gap of 14,931 by 2022. Already one of the most visited destinations in the Philippines, Cebu is expected to receive more visitors in 2018 and beyond with the completion of the Mactan Cebu International Airport.

Also according to the DOT, Cebu welcomed 4.17 million travelers in 2016 or 25 percent more than the 2015 figure. Many of those travelers are millennials who enjoy traveling in groups, meeting new friends, and getting the best travel values.