SM Hotels to spend P15 billion for expansion

MANILA, Philippines — SM Hotels and Convention Corp. (SMHCC), a unit of integrated property developer SM Prime Holdings Inc., has set a P15-billion investment program to support its expansion over the next five years.

The amount will be used to develop eight new hotels and two convention centers in key destinations in the country, adding over 1,500 guest rooms to its current portfolio once completed.

SMHCC’s portfolio currently includes 10 hotels, composed of brands such as Conrad and Radisson Blu for the luxury segment, Taal Vista and Pico Sands for the leisure segment, Park Inn and Lanson Place for business as well as eight convention centers and trade halls under the SMX brand.

On top of expansion plans, SMHCC said it is also enhancing its competitive edge with new function rooms, additional food and beverage outlets and room renovations at Taal Vista, Pico Sands Hotel and Park Inn by Radisson Davao.

Last year, SMHCC saw strong occupancy rates across its hotel and convention properties on the back of increasing demand for travel and MICE (meetings, incentives, conferences and exhibitions).

“The rise in hotel stays and event bookings signals a vibrant rebound for the hospitality and MICE sectors,” SMHCC executive vice president Peggy Angeles said.

SM hotels recorded an occupancy rate of 67 percent, marking a two-percentage-point increase from the previous year.

The company said that its properties in the National Capital Region outperformed the hospitality industry, averaging 71 percent occupancy, compared to the 61 percent year-end industry average.

SMX Convention Centers likewise registered a 15 percent rise in hosted events, drawing 6.3 million visitors in 2024.

SMHCC said that the company’s halls and function rooms welcomed major trade shows, corporate events and industry exhibitions.

It said that many of these events have returned to or surpassed pre-pandemic levels, reflecting strong recovery and sustained market interest.