Megaworld unit spending P10B for 5 hotels in Boracay, Batangas
MANILA, Philippines – A subsidiary of property giant Megaworld Corporation is spending P10 billion to complete 5 hotels in its townships in Boracay and Batangas by 2019.
Tourism and leisure township developer Global-Estate Resorts, Incorporated (GERI) said it expects to complete the construction of 5 hotels in its townships in Boracay and Alfonso, Batangas near Tagaytay in the next 3 years.
Four of these hotels are within Boracay Newcoast, a 150-hectare integrated tourism and leisure township on Boracay Island; while the other one will be in Twin Lakes, which is a 1,200-hectare development near Tagaytay.
The company is spending around P10 billion for these new developments, offering a total of 1,850 rooms including multi-level retail spaces.
The 4 hotels in Boracay are Fairways and Bluewater, which has been completed and now fully operational; Savoy Hotel Boracay, which will be completed by the end of this year; Belmont Hotel Boracay, to be completed in 2018; and Chancellor Hotel Boracay, to be completed in 2019.
In Batangas, the property firm is building the Twin Lakes Hotel, which is slated for completion by next year.
"One of GERI's forefront roles in nation-building is to support the country's tourism industry. We will strive to maintain our leadership in integrated tourism and leisure estates as Boracay Newcoast and Twin Lakes mature and become fully operational," GERI president Monica Salomon said in a statement.
"With our new hotels, we hope to accommodate at least 700,000 tourists yearly in Boracay and Tagaytay," she added.
A report from the World Travel and Tourism Council showed that foreign tourist arrivals in 2016 would hit 5.5 million with an annual growth of 6.6%.
"In Boracay alone, we hope to capture around 20% to 30% of the tourism market when our hotels become fully operational," Salomon said.
This year, GERI said it expects to maintain its 30% target of annual growth in net income as new projects are expected to be launched in Boracay Newcoast and Twin Lakes. – with a report from Chrisee Dela Paz/Rappler.com