Megaworld allots P5 B to build 3 new hotels

MANILA, Philippines - Megaworld, the Andrew Tan-led property giant, is pouring in P5 billion to build three new hotels under its third hotel brand, Savoy Hotel, as part of the company’s strategy to grow its recurring income.

Savoy Hotel is Megaworld’s newest hotel brand and it is set to open in Boracay, Cebu and Manila this year, said Jericho Go, senior vice president of Megaworld.

“Megaworld is spending P5 billion to build the three Savoy Hotels in Boracay, Cebu and Manila. Part of our goal is to make this hotel brand visible in our other townships across the country,” Go said.

The company will open a 530-room hotel in Megaworld’s Boracay Newcoast by the end of this year.  It is envisioned to be a first-class resort hotel to rise in the 150-hectare tourism township in the eastern part of the island.

Go said the P2.2-billion Boracay hotel would feature the country’s first concert pool arena, overlooking the Sibuyan Sea.

The second Savoy Hotel is set to open in the 25-hectare Newport City in Pasay City by next year with 684 rooms.

This would be the last hotel to open in the leisure and entertainment township that is home to the famous Resorts World Manila.

A third Savoy Hotel will also open in Megaworld’s 20-hectare The Mactan Newtown in Lapu-Lapu City, Cebu.

The Cebu hotel, which is set to open in 2018, will have 18 storys and 547 rooms.

Aside from Savoy Hotel, Megaworld also allocated an additional P3.5 billion to expand its Belmont Hotel brand.

At present, the first Belmont Hotel operates in Newport City with 480 rooms and amenities such as podium gardens, 24-hour fitness center and workout area, a penthouse pool bar and Café Belmont.

Megaworld will also open Belmont Hotel in Boracay Newcoast in 2018 with 407 rooms and another one in The Mactan Newtown in Cebu with 550 rooms in 2019.

“Our rapid expansion of our very own hotel brands is an indication of Megaworld’s diversification as a real estate company, and at the same time, our commitment to support the country’s tourism industry,” said Go.

The Savoy and Belmont Hotel brands will add to Megaworld’s existing hotel brands.

These are Richmonde Hotel Ortigas, Eastwood Richmonde Hotel and Richmonde Hotel Iloilo with a total of 449 rooms.

By 2020, the three local hotels brands of Megaworld will have a total of around 3,800 hotel rooms.