Already, WPI's four hotel properties in Manila, Cebu and Davao have started to undergo renovation projects in line with the company's bid to attract premium clients.
WPI president Rexlon T. Gatchalian said large part of the P260 million budget will go to the ongoing facelift project of new acquired Manila Pavilion Hotel.
Waterfront Cebu City Hotel and Casino (WCCHC) the largest among the four properties, will take the P60 million budget to upgrade its function room facilities, executive floor, and renovation of the Café Uno restaurant.
"We are keeping our market positioning to be the best with our category," he said mentioning that WPI properties are all in the four-star, first-class hotel type.
Next year some of the over 500 rooms of WCCHC will be upgraded or renovated to meet the demands of the growing premium clients, he said.
Also, WCCHC is strengthening its niche in food and beverage services, as it recently introduced its 'Gourmet Walk" feature inside the hotel, which houses the international-inspired cuisine theme restaurants, including Japanese, Italian, Chinese, also its Oyster Bar, and bakeshop.
According to Gatchalian the creation of its "Gourmet Walk" is another feature that would attract in-house and walk in guests to bring "outdoor gourmet experience to indoor."
For its ongoing Manila Pavilion Hotel renovation, the company had already spent P70 million for the first and second phases. On the third quarter of this year, another phase of the renovation program will be pursued.
After the renovation of the Manila Pavilion will be completed, Gatchalian said the hotel will be re-evaluated and upgrade its category to first-class, and the company will then change the brand name of the hotel to Waterfront Manila Pavilion.
Both Waterfront Airport Hotel in Mactan, and the Waterfront Insular Hotel in Davao, will share the expense of P50 million for the two properties' renovation program.
The company posted a turn-around performance in 2004, from a net loss of P202 million in 2003, it posted a four percent net profit increase to P3.9 million in 2004 following its implementation of cost cutting measures, and aggressive market positioning.
Gatchalian said the multi-million peso funds for upgrading the properties are "internally generated" and not sourced through loans.