Philippine property developer Megaworld Corporation plans to open six new hotels across the Philippines within the next three years, adding close to 2,000 room keys to its hospitality portfolio as it expands in key tourism and business destinations nationwide.
The company disclosed the expansion plan in a filing to the Philippine Stock Exchange on May 20th, stating that the properties will be managed and operated by its hospitality arm, Megaworld Hotels & Resorts.
The six upcoming properties include ArcoVia Hotel in Pasig City; Savoy Capital Town in San Fernando, Pampanga; The Hamptons Hotel in Cavinti, Laguna; Paragua Sands Hotel and Savoy Hotel Palawan in San Vicente, Palawan; and The Kingsford in Bacolod City.
“Our goal is to have more than 20 hotels and about 9,000 hotel rooms when we reach our 40th year within the next three years,” Megaworld President and CEO Lourdes T. Gutierrez-Alfonso said. “This will further help us unlock big opportunities and continue supporting tourism as a major catalyst of development and economic growth across the country.”
Two of the planned properties — Paragua Sands Hotel and Savoy Hotel Palawan — will be located within the 462-hectare Paragua Coastown development in Palawan and are expected to offer more than 600 rooms combined.
Megaworld said another waterfront project, The Hamptons Hotel, is being developed within a 300-hectare integrated lifestyle community by subsidiary Global-Estate Resorts Inc. in Laguna.
The company is also advancing several urban hotel developments, including the 31-story ArcoVia Hotel in Pasig and the 16-story Savoy Capital Town in Pampanga.
Earlier this year, Megaworld opened Chancellor Hotel Boracay, while Belmont Hotel Iloilo is scheduled to open in the coming weeks. The company also said its 1,531-room Grand Westside Hotel will transition into Mövenpick Manila Bay Westside Hotel in the coming months.
During the first quarter, Megaworld reported PHP1.5 billion ($26.2 million) in hospitality revenues, up 8 percent year-on-year.
Megaworld is part of the Alliance Global Group, which also has interests in the gaming sector through Travelers International Hotel Group Inc., developer of Newport World Resorts in Manila.
