Megaworld investing P8.5b on hotels

By Jenniffer B. Austria

Our rapid expansion of our very own hotel brands is an indication of Megaworld’s diversification as a real estate company, and at the same time, our commitment to support the country’s tourism industry,” said Megaworld senior vice president Jericho Go.”

Megaworld Corp. is investing P8.5 billion to expand its own two hotel brands, namely Savoy and Belmont, in key cities across the country.

Megaworld said in a disclosure to the stock exchange it would spend P5 billion to build three Savoy Hotel in Boracay, Manila and Cebu and another P3.5 billion to build two additional Belmont Hotel, also in Boracay and Cebu.

Megaworld is bringing its local hotel brands outside Metro Manila to increase recurring income.

Megaworld said the P2.2-billion Savoy Hotel in Boracay Newcoast was set to open by the end of this year.

The 530-room Savoy Hotel Boracay will be a first-class resort hotel rising on the 150-hectare tourism township in the eastern part of the island. It will feature the country’s first concert pool arena, overlooking the Sibuyan Sea.

Another Savoy Hotel with 684 rooms is also set to open in the 25-hectare Newport City in Pasay City next year. It will be the last hotel to open in the leisure and entertainment township Resorts World Manila.

The company is building another Savoy Hotel in its 20-hectare The Mactan Newtown in Lapu-Lapu City, Cebu. The 18-storey hotel will have 547 rooms and is scheduled to 2018.

“Megaworld is spending P5-billion to build the three Savoy Hotels in Boracay, Cebu and Manila. Part of our goal is to make this hotel brand visible in our other townships across the country,” said Megaworld senior vice president Jericho Go.

Megaworld allocated an additional P3.5 billion to expand its Belmont Hotel brand. The first Belmont Hotel operates in Newport City, offering 480 rooms and featuring first-class amenities such as podium gardens, 24-hour fitness center and workout area, a penthouse pool bar and Café Belmont.

Belmont Hotel will open in Boracay Newcoast by 2018 with 407 rooms and another one in The Mactan Newtown in Cebu with 550 rooms a year after.

“Our rapid expansion of our very own hotel brands is an indication of Megaworld’s diversification as a real estate company, and at the same time, our commitment to support the country’s tourism industry,” said Megaworld senior vice president Jericho Go.

Another local hotel brand owned by Megaworld—Richmonde Hotel—has presence three areas in the country, namely Richmonde Hotel Ortigas, Eastwood Richmonde Hotel and Richmonde Hotel Iloilo, with a total of 449 rooms.

Also set to open under the Richmonde hotel brand is Twin Lakes Hotel in the 1,200-hectare Twin Lakes in Alfonso, Batangas near Tagaytay. The new hotel will offer 126 rooms and is set to be completed next year.

Read more: http://thestandard.com.ph/business/214333/megaworld-investing-p8-5b-on-hotels.html

 

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