Megaworld opens ho­tels in Iloilo, Bo­ra­cay in 1st half

Business World - - CORPORATE NEWS - Richard D. Mar­i­ano Keith

MEGAWORLD Corp. is ex­pand­ing its ho­tel portfolio by 1,662 rooms this year, with the open­ing of four prop­er­ties across the coun­try, to grow its busi­ness fur­ther.

In a state­ment is­sued on Wed­nes­day, the listed com­pany said it will open Mar­riott Court­yard Ho­tel in Iloilo City, Savoy Ho­tel Bo­ra­cay in Ak­lan, Savoy New­port Ho­tel in Pasay City and Ho­tel Lucky Chi­na­town in Manila City within the year.

Mar­riott Court­yard Ho­tel and Savoy Ho­tel Bo­ra­cay are sched­uled to be­gin op­er­a­tions be­fore the first se­mes­ter ends. Savoy New­port Ho­tel and Ho­tel Lucky Chi­na­town will fol­low suit in the fol­low­ing six months.

Mar­riott Court­yard Ho­tel is lo­cated within the 72- hectare Iloilo Busi­ness Park and be­side the Iloilo Con­ven­tion Cen­ter. Of­fer­ing 326 rooms, the 15-storey ho­tel rep­re­sents the first Mar­riot- branded prop­erty in Western Visayas.

Savoy Ho­tel Bo­ra­cay, mean­while, will be­come the first prop­erty to op­er­ate un­der the brand in­tro­duced by Megaworld. It will of­fer 559 rooms and fea­ture the coun­try’s first con­cert pool arena within the 150-hectare Bo­ra­cay New­coast.

Savoy New­port Ho­tel will of­fer 684 more rooms in New­port City. The leisure and en­ter­tain­ment com­plex hosts Re­sorts World Manila, an in­te­grated casino and re­sort op­er­ated by the joint ven­ture of Megaworld’s par­ent, Al­liance Global Group, Inc., and Gent­ing Hong Kong Lim­ited.

Ho­tel Lucky Chi­na­town will bring in 93 rooms spread across six floors. Lo­cated in Bi­nondo, the ho­tel will cater to Chi­nese tourists and busi­ness­men as well as those tour­ing his­toric sites in Manila.

“We see tourism as a po­ten­tial driver of growth for Megaworld as we draw more peo­ple to our de­vel­op­ments,” Kevin L. Tan, se­nior vice- pres­i­dent for the com­pany’s com­mer­cial divi­sion, noted in the state­ment.

“Within the next three to five years, we hope to see a big­ger slice of ho­tel earn­ings in our rev­enue pie as we open our new ho­tels,” Mr. Tan added, with three more ho­tels sched­uled for com­ple­tion within the next five years.

Megaworld is known for ur­ban town­ships host­ing of­fice build­ings, com­mer­cial and re­tail spa­ces, res­i­dences and in­sti­tu­tions. It also de­vel­ops in­te­grated tourism es­tates through sub­sidiary Global-Es­tate Re­sorts, Inc.

The town­ship de­vel­oper tar­gets to increase its in­ven­tory of ho­tel rooms un­der lo­cal brands to around 3,800 to­ward 2020. Its portfolio cur­rently in­cludes three brands: Savoy Ho­tel, Bel­mont Ho­tel and Rich­monde Ho­tel.

Megaworld had tar­geted to open its first Savoy Ho­tel, lo­cated in the Bo­ra­cay New­coast, to­ward the end of 2016. It in­tends to open an­other prop­erty un­der the brand within The Mac­tan New­town.

The com­pany also looks to bring the Bel­mont Ho­tel brand in Bo­ra­cay New­coast by 2018 and The Mac­tan New­town the fol­low­ing year. The first Bel­mont Ho­tel was opened within New­port City.

Megaworld has three op­er­at­ing ho­tels un­der the Rich­monde Ho­tel brand, with a to­tal of 449 rooms.

In the first nine months of 2016, the com­pany, owned by bil­lion­aire An­drew L. Tan, booked an 11% year-on-year increase in net in­come to P9.27 bil­lion, fol­low­ing a 5% uptick in rev­enues to P35.26 bil­lion. It largely ben­e­fited from the 15% rise in rental in­come to P7.41 bil­lion.

Megaworld shares closed three cen­tavos or 0.77% higher at P3.95 apiece on Wed­nes­day. —

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