Property developer Sta. Lucia Land Inc. (SLI) will develop four new hotels, driven by its optimistic prospects for the Philippine tourism industry, the company said on Friday.
In a disclosure to the Philippine Stock Exchange, SLI said its tourism expansion plans are now in “full swing” with projects to develop hotels in key cities nationwide.
The hotel developments will be under SLI’s SotoGrande brand, it said.
Among the upcoming hospitality developments, two will be full-hotel developments. These are the 8\eight-story SotoGrande in Fairview, Quezon City within the 22-hectare Neopolitan Business Park and the 6-story SotoGrande in Iloilo, within the 172-hectare Green Meadows residential community.
The hotels will offer a total of 198 and 149 units, respectively.
SLI will also develop a SotoGrande in Katipunan, Quezon City, which will be a 23-story mixed-use tower.
“Its prime location offers the advantage of being close to Metro Manila’s key thoroughfares, Edsa, C5, Marcos Highway, Aurora Boulevard, and Katipunan Avenue,” SLI said.
The company also disclosed that it will build a SotoGrande in Davao, which will be a 20-story condominium and hotel development located in the 60-hectare Davao Riverfront Business Park.
The company’s expansion plans are driven by its bullish outlook on the country’s tourism, which generated more earnings in the first seven months of the year.
Based on data from the Department of Tourism (DOT), total earnings from tourism activities from January to July 2016 rose 14.08 percent to P148.56 billion, from P130.22 billion posted in the same period a year earlier.