Vol. XXI, No. 207 [ Business World Online ]
Thursday, May 22, 2008 | MANILA, PHILIPPINES
PROFITS of the country’s largest first-class hotel operator, Waterfront Philippines, Inc., surged by almost 800% last year to P163 million following the expansion of its international and domestic distribution network.
In a statement, the hotel said its rooms division posted 9% growth, with gross room sales reaching P710 million.
But food and beverage receipts from the company’s food outlets were flat.
Company officials remained bullish that despite new competition, Waterfront’s revenues and profits will continue to grow and surpass targets this year.
Waterfront is looking at growing its existing client base by tapping new markets like Russia, India and South Africa to add to its performing sources of business.
Waterfront Philippines is the country’s largest Filipino-owned and-managed first-class hotel chain.
It is the only hotel chain in the country that has a presence in the key cities of the country. In Manila, it operates the Manila Pavilion Hotel and Casino, and in Cebu, it operates the Waterfront Cebu City Hotel and Casino and the Waterfront Airport Hotel and Casino Mactan. The firm also operates the Waterfront Insular Hotel Davao.
Waterfront operates close to 1,500 rooms, employs 1,500 workers, and has over 41,000 square meters of convention and gaming space.
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