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Dubai-based Kingdon Hotel Investments (KHI) may look for other
location in the Philippines near the beaches where it can develop
another hotel and resort complex after its Manila Raffles project.
In a briefing Thursday, Jeff Tisdall, KHI vice
president, said the investment “is possible” as the company
plans to build 20 more hotels in different parts of the world in the
next five years.
Currently, the Raffles development projects
include China Beach in Vietnam and Praslin Island in the Seychelles.
The Manila Raffles in Makati City is KHI’s
first urban development, Tisdall told reporters. “Right now,
we’re completing the excavation stage. Hopefully, we’ll get our
license to sell next week after we complete all government’s
requirements,” he said.
The Manila complex is expected to be completed
by late 2010, Tisdall said.
The KHI Manila project is at the corner of
Makati Avenue and Arnaiz Avenue, and will include a 30-story glass
tower with 30 rooms for Raffles Hotel and limited residences.
KHI earlier signed an agreement with Ayala Land
Inc. (ALI) for the Raffles project.
Under the agreement, the country’s leading
property developer would own 20 percent of the planned operating
company, with KHI owning the remaining 80 percent.
“The proposed joint venture project will
enable ALI to capitalize on the growing demand for luxury
accommodation in the region and in the Philippines, in particular,
given increased investor and business confidence in the country,”
ALI said in a statement.
KHI was founded by Prince Alwaleed bin Talal bin
Abdulaziz Alsaud, a member of the Saudi royal family, and is also a
majority shareholder and chairman of the company. KHI is into the
development, acquisition, financing and management of high-quality
hotels in key cities and resort destinations in the Middle East,
Africa, Eastern Europe and Asia.
Prince Alwaleed owns real estate interests in
hotel and resort properties in various parts of the world. He also
has significant equity investments in leading international hotel
management companies abroad.
-- Chino S. Leyco
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