Federal Land allots $300M for Grand Hyatt Hotel in Global City

MANILA, Philippines - Federal Land, the property arm of tycoon George S.K. Ty’s Metrobank Group, is spending $300 million to build the 66-story Grand Hyatt Hotel to form part of a large scale mixed-use complex in the northeastern part of Bonifacio Global City.

In an interview during Grand Hyatt’s groundbreaking ceremony yesterday, Federal Land president Alfred Ty said the iconic structure will rise on a 1.5-hectare prime lot to be managed by the Hyatt Group, a leading global hospitality firm.

Grand Hyatt Hotel is touted to become one of the tallest and biggest mixed-use buildings in the country when completed in 2014. It will house 400 rooms and provide 40,000 square meters of premium grade office space.

The first six floors of Grand Hyatt will house the hotel podium and ballroom while Grade A financial and corporate offices will occupy the 8th to the 30th floors. Luxury suites and other hotel amenities will occupy the 30th to the penthouse levels.

Ty said Grand Hyatt Hotel, which will offer premium facilities to meet the discriminating taste of sophisticated travellers and businessmen, is expected to boost the country’s tourism prospects and provide quality jobs to qualified Filipinos.

Gary Kwok, vice-president for hotel finance at Hyatt International, said Grand Hyatt Hotel will be a grand hospitality development with five aces, the signature elements of Grand Hyatt. These are the dramatic lobbies, innovative dining options, state-of-the-art technology, distinctive spa and fitness centers, and comprehensive business and meeting facilities.

He added that he sees huge potential in luxury tourism in the Philippines.

The Hyatt Group develops branded hotels, resorts and residential and vacation ownership properties around the world under the Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place and Hyatt Summerfield Suites brand names. As of Dec. 31, 2010, the company’s worldwide portfolio consisted of 453 properties.

Grand Hyatt will cover the 10.4-hectare property in Bonifacio Global City owned by financial services giant Metrobank and the state-run Bases Conversion Development Authority’s two lots totaling 15.3 hectares.

Federal Land more than doubled its net earnings last year to P435 million while its net sales slightly went up to P2.18 billion.

As of end-December last year, Federal Land’s total asset base reached P16.37 billion compared with P12.16 billion in 2009.