RESORTS World Manila operator Travellers International Hotel Group Inc. said its net profit in the first half grew 25 percent thanks to strong hotel occupancy rates during the period.
In a disclosure to the Philippine Stock Exchange, Travellers International said net income reached P2.9 billion in the first half from P2.3 billion a year ago, while revenue reached P15.3 billion on the strong performance of its gaming, hotel, food and beverage and other businesses.
“Hotel occupancy for the six months…remains solid with all three hotels, namely Maxims, Remington, and Marriott registering average occupancy rates of about 90 percent. Total room count for the three hotels is at 1,226,” the company said.
The company has allocated capital expenditure of P7 billion this year to speed up Resorts World’s Phase 2 and Phase 3 expansion, which would add 2,400 hotel rooms by 2017.
Phase Two will expand the existing Marriott Hotel Manila with the construction of the Marriott Grand Ballroom and additional rooms for the Marriott West Wing. The Grand Ballroom is set to open March next year while the Marriott West Wing will be operational by end-2015.
Phase Three consist of three hotels — Hilton Manila, Sheraton Hotel Manila and the extension of Maxims Hotel – and additional facilities, all of which should be finished before the fourth quarter of 2017.