Resorts World developer Travellers International Hotel Group Inc. (THGI) has fully utilized the funds from its November 2013 initial public offering, devoting most of the capital to its Phase Two and Three expansion plans, the group reported in a disclosure to the PSE late last week.
In its report, THGI explained that its IPO on November 5, 2013 generated P16.5 billion in fresh capital, with an additional P260 million earned from an oversubscription offering the following month, for a total of P16.8 billion.
P16.5 billion, the proceeds of the main IPO, was devoted to the expansion plans.
Phase Two, for which THGI spent P7 billion, involved expansion of the Marriott Hotel Grand Ballroom to its current maximum capacity of 4,000 persons, as well as the construction of the west wing of the Marriott Hotel, which added 228 new rooms.
The Grand Ballroom was completed and opened in June 2015, while the new wing of the Marriott Hotel was opened in September last year.
Phase Three of the Resorts World expansion plan, which accounted for P9.5 billion of the IPO proceeds, included expansion of the Maxims Hotel (Maxims II), and construction of two new hotels under the Hilton and Sheraton brands. Altogether, the three ongoing hotel projects will add another 582 rooms to the integrated resort’s inventory.
The Hilton Hotel structure was topped out in July, and all three of the projects under Phase Three, including related structures such as underground parking facilities and the podium housing additional gaming and leisure facilities, are expected to be opened sometime this year.
The completion of the Hilton Hotel will mark the brand’s first return to the Philippines since the 1960’s, THGI noted last year while ceremonially marking the hotel building’s topping-off.
Located across from Ninoy Aquino International Airport Terminal 3, Resorts World Manila is an integrated resort currently featuring four hotel brands—Marriott, Maxims, Remington, and Belmont—a convention center which houses the Marriott Grand Ballroom, the Newport Mall featuring the Newport Cinemas and the Newport Performing Arts Theater, nearly 50 restaurant outlets, and extensive gaming facilities.