The first phase of reconstruction of the Waterfront Manila Hotel and Casino complex should be completed by the middle of next year, according to the property’s listed operator Acesite (Phils.) Hotel Corp.
In a recent listing with the Philippine Stock Exchange, Acesite informed that Phase One of the reconstruction of its property should be completed in May 2024, with Phase Two completed in January 2025, and Phase Three five months later.
The property has been under reconstruction since 2018 following a massive fire that damaged its podium and killed six people.
The revamp will include the amenities, guest facilities and remaining rooms of the hotel, with Acesite stating it will be funded by cash flows generated by operations and, when necessary, bank borrowing.
The soft opening of the reconstructed property has suffered successive delays due to the Covid-19 pandemic