Property giant Ayala Land Inc. (ALI) has sealed a deal to build and manage the new Mandarin Oriental Hotel to rise in Makati within the next six years, following a decision by the Mandarin Oriental Hotel Group to close the old one this year.
According to a disclosure posted by the Philippine Stock Exchange on Thursday, AyalaLand Hotels and Resorts Corp., the hotel and leisure arm of ALI, has signed a long-term management agreement with the Mandarin Oriental Hotel Group to develop and operate a new luxury hotel in Makati City.
Set to open its doors in 2020, the new Mandarin Oriental Manila will feature 275 spacious rooms, complemented by an extensive range of modern amenities including premium restaurants and a signature spa.
“This is in line with the company’s thrust of expanding its hotels and resorts business portfolio,” ALI told the local bourse.
After nearly 40 years of operations, Mandarin Oriental Manila hotel will close its doors later this year.
“Mandarin Oriental Manila has been recognized as one of the city’s most iconic hotels since its opening in 1976, and the Group wishes to express its sincere appreciation to all colleagues for their legendary service and support over the years,” said Mandarin Oriental Hotel Group general manager Torsten van Dullemen in a statement Wednesday evening.
“All hotel colleagues were informed of the closure and will receive full and fair severance payment and appropriate professional guidance,” van Dullemen added.