MANILA, Philippines — Metro Pacific Investments Corp., the listed tollways and infrastructure conglomerate headed by tycoon Manuel V. Pangilinan, has signed a P1.6 billion investment agreement with hotel management and development firm Dusit International of Thailand to develop and manage hospitality and residential properties in the Philippines.
MPIC chairman Manuel V. Pangilinan said the conglomerate wants to participate in the growing tourism industry.
“We hope to play a significant role in changing the landscape of this thriving industry in the Philippines through our partnership with Dusit International, a company with over seven decades of experience in bringing hospitality all over the world,” Pangilinan said.
Under the agreement, MPIC and Dusit will initially develop two hotels and three condominiums at sites long held by MPIC in Batangas, as well as upgrading Dusit’s existing properties in the Philippines.
MPIC’s newest real estate, hospitality, and tourism subsidiary, Metro Vantage Properties Inc. (MVPI) will design and develop the real estate properties, while Dusit Thani Philippines will oversee the hospitality and tourism side of the business.
The partnership seeks to develop additional sites over time as demand grows for tourism and travel.
Dusit International Group chief executive officer Suphajee Suthumpun said the partnership comes at an ideal time as the tourism industry in the Philippines continues to expand.
“This is an opportunity for us to demonstrate our expertise in bringing distinct Thai hospitality and MPIC’s place in the Philippine market to deliver unique hotel experiences fulfilling the needs of our guests,” Suthumpun said.
Dusit International was founded in 1948 in Bangkok. At present, the company is a leader in hotel management and hospitality education. It has a unique international portfolio of distinctive hotels and resorts operating under four brands: Dusit Thani, dusitD2, Dusit Princess and Dusit Devarana.
Pangilinan said MPIC’s fundamental goal is to seek investment opportunities that create value.
“With this endeavor, we will support the tourism industry by developing thoughtfully-designed properties offering unique leisure experiences to travelers,” he said.
Both parties will seek the approval of the Philippine Competition Commission, the government’s anti-trust body, for the proposed joint venture.