Megaworld opens hotels in Iloilo, Boracay in 1st half
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. —