PROPERTY developer Megaworld Cor-poration said on Thursday it will spend P5 billion on the development of three new hotels as it launches a new hotel brand in a bid to boost recurring income.
In a statement, Megaworld said it was set to launch the Savoy Hotel, its third local hotel brand, and that it would open three hotels under the new brand.
“Megaworld is spending P5 billion to build three Savoy Hotels in Boracay, Cebu and Manila. Part of our goal is to make this hotel brand visible in our other townships across the country,” Megaworld senior vice president Jericho Go said.
The company will open the 530-room Savoy Hotel Boracay by the end of the year at Boracay Newcoast, a township developed by its subsidiary, Global Estate Resorts Inc (GERI).
“The P2.2-billion hotel will feature the country’s first concert pool arena, overlooking the refreshing views of Sibuyan Sea,” Megaworld said.
Next year, it plans to open the 684-room Savoy Hotel at its 25-hectare Newport City township in Pasay City.
The third hotel under the Savoy brand will be built at the 20-hectare The Mactan Newtown in Lapu-Lapu City, Cebu. The 18-storey hotel will offer 547 rooms and is slated to open in 2018.
Meanwhile, Megaworld also reported that it will allocate P3.5 billion to expand its Belmont Hotel brand.
“At present, the first Belmont Hotel operates in Newport City, offering 480 rooms and featuring first class amenities such as podium gardens, 24-hour fitness center and workout area, a penthouse pool bar and Café Belmont,” Megaworld said.
Two more hotels will be built under the Belmont brand, namely the 407-room hotel in Boracay Newcoast—to be opened in 2018—and a 550-room hotel at The Mactan Newtown, to be opened in 2019.
“Our rapid expansion of our very own hotel brands is an indication of Megaworld’s diversification as a real estate company, and at the same time, our commitment to support the country’s tourism industry,” Go said.
Megaworld’s hotel portfolio also includes the Richmonde brand. There are currently three Richmonde hotels in the country—Richmonde Hotel Ortigas, Eastwood Richmonde Hotel and Richmonde Hotel Iloilo, with a total of 449 rooms.
The company added that it will also open the 126-room Twin Lakes hotel at the 1,200-hectare Twin Lakes township in Alfonso, Batangas near Tagaytay. The said hotel is set to be completed next year.
“By 2020, the three local hotels brands of Megaworld will have a total of around 3,800 hotel rooms,” the company said.