Travellers International outlines spending on RWM expansion

Travellers International Group said through June 30th it has spent about 1.11 billion pesos ($25.5 million) of the 16.8 billion pesos that it raised through an initial public offering on the expansion of hotel properties at its Resorts World Manila integrated resort.
Travellers International, which is a joint venture between Alliance Global Group and Genting Hong Kong, outlined the spending allocation in a Philippine Stock Exchange filing.
The company said it allocated 687.5 million of the funds from its IPO on the Phase 2 expansion of the Marriott Grand ballroom, as well as an expansion of a wing of the hotel that will cater primarily to VIP guests and reward members. The money also paid for a golfer’s terrace, which will be management by Marriott Hotels International.
It spent a further 424.6 million pesos on the expansion of the Maxim’s Hotel, as well as two new hotels to be managed by Hilton Hotel and Sheraton Hotel.
In total 7.0 billion pesos have been allocated to the Phase 2 expansion, while 9.5 billion to towards Phase 3.