The property will mark the Philippines debut of lyf, which targets millennial and millennial-minded travellers.
The deal, CLI's third partnership with Ascott, is also expected to boost CLI's hotel portfolio to 600 rooms in four years' time.
lyf Cebu City will be designed "to promote collaboration and connection in a community". It will have communal spaces and co-working areas that can be transformed into zones for workshops or social gatherings. It will also have a social kitchen where guests can prepare home-cooked meals, take cooking classes and socialise while learning more about global cuisines from other residents.
"The growth potential offered by tourism is very promising and we are happy to be teaming up for the third time with The Ascott Ltd. in this project set to introduce new industry benchmarks," said CLI chair and chief executive officer Jose Soberano III.
"Cebu Landmasters is committed to bring the latest to our Vis-Min (Visayas-Mindanao) markets, especially the influential and flourishing millennial generation, and to the other markets where hospitality continues to be in demand," Soberano added.
Arthur Gindap, The Ascott regional general manager for the Philippines and Thailand, said: "The Ascott Ltd. partners with Cebu Landmasters for its credibility. They have a deep understanding and knowledge of the real estate industry and a strong foothold in the Visayas and Mindanao. Partnering with CLI strengthens our brand."