Megaworld spends P5B for new brand Savoy Hotel

MEGAWORLD Corp. is expanding its hotel business to beef up recurring income, investing P5 billion to build three hotels under a new brand and an additional P3.5 billion to expand an existing one outside the National Capital Region.

In a statement issued on Thursday, the listed property conglomerate announced a plan to create a footprint for its newest brand Savoy Hotel across its integrated township developments located mostly in the provinces.

Megaworld will open the first Savoy Hotel within the 150-hectare tourism township Boracay Newcoast by the yearend. The P2.2-billion hotel will offer 530 rooms and feature a concert pool arena overlooking the Sibuyan Sea.

The company is opening another Savoy Hotel next year in the 25-hectare Newport City in Pasay City. The 684-room hotel is the last of such development to rise within the leisure and entertainment township hosting Resorts World Manila.

Megaworld is also constructing a Savoy Hotel in the 20- hectare The Mactan Newtown in Lapu-Lapu City, Cebu. The hotel will rise 18 storeys high and offer 547 rooms upon opening in 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,” its Senior Vice-President Jericho P. Go said in the statement.

MORE BELMONT

The company is spending P3.5 billion more to expand its portfolio under the Belmont Hotel brand.

Megaworld opened its first Belmont Hotel in Newport City, offering 480 rooms and featuring podium gardens, a 24-hour fitness center and workout area, a penthouse pool bar and cafe, among other amenities.

The company will open another hotel with 407 rooms under the brand in Boracay Newcoast by 2018 and another with 550 rooms in The Mactan Newtown in 2019.

The planned developments will add to three existing hotels offering a total of 449 rooms under the brand Richmonde Hotel, namely: Richmonde Hotel Ortigas, Eastwood Richmonde Hotel and Richmonde Hotel Iloilo.

Megaworld is completing the Twin Lakes Hotel in the 1,200- hectare Twin lakes in Alfonso, Batangas near Tagaytay City under the brand. The development with 126 rooms is scheduled for completion next year.

By 2020, the company will have an inventory of around 3,800 hotel rooms under the local brands.

“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,” Mr. Go noted. —