Vol. XXI, No. 179 [ Business World Online }
Monday, April 14, 2008 | MANILA, PHILIPPINES
BORACAY REGENCY Beach Resort has earmarked P250 million for the construction of a 120-room, high-end hotel as it capitalizes on the growing tourist traffic to the island in the coming years.
Henry O. Chusuey, Boracay Regency chairman, said the hotel would be called The Regency Lagoon and will be built on a 7,800-square meter lot along Boracay’s main road.
"Construction of The Regency Lagoon will begin next month and will be completed by November next year," Mr. Chusuey told reporters in Boracay on Friday.
Once The Regency Lagoon is completed, Boracay Regency will have a total of 500 rooms.
"We are bullish about Boracay’s tourism potentials. We expect greater demand for more luxurious accommodations in Boracay in the future," Mr. Chusuey said.
Tourism records showed tourist arrivals in Boracay went up by 8% to almost 600,000 last year.
Visitors to Boracay generated P10.9 billion in tourism receipts in 2007, from P10.2 billion a year earlier, mainly due to increased spending on hotel accommodation and food.
Mr. Chusuey is confident that Boracay would continue growing this year amid a global economic slowdown.
"We expect more Koreans to discover Boracay. At the same time, the affordable airfares will help encourage local tourists to visit," he added.
Out of the total tourist arrivals last year, 359,433 were local tourists, 208,870 were foreign and 28,404 were Filipino workers overseas.
Tourists from Korea were the bulk of foreign visitors coming to Boracay, reaching 128,909 last year from 124,618 in 2006.
Meanwhile, Boracay Regency Resort has spent P750 million to expand its guest facilities.
Mr. Chusuey said he had built a new international standard spa and a new restaurant focusing on Asian cuisine. The Kai Regency Spa and Zhu Restaurant were inaugurated on Friday.
"Our business success is mostly credited to our mission of satisfying our guests’ expectations," Mr. Chusuey said, adding that Boracay Regency’s service and facilities are unmatched. — JOV
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