Vol. XXII, No. 67 [ BusinessWorld Online ]
Tuesday, October 28, 2008 | MANILA, PHILIPPINES
SY-LED SM Hotels Corp. has set up a new unit to oversee the development of its hotel projects in Metro Manila and may pitch similar firms to roll out its hotel expansion plans in other key cities.
The Securities and Exchange Commission (SEC) approved last Friday the incorporation of Hotel Specialist (Manila), Inc., which has a capital stock of P1 million divided into 10,000 common shares.
SM Hotels, which was only incorporated last April by the SM Group to consolidate the conglomerate’s hotel assets and to capitalize on the rising demand for tourism-related projects, itself subscribed to 2,595 shares, documents filed with the SEC showed.
Three children of mall magnate Henry Sy and two officials of the SM Group, Merril F. Yu and Josefino C. Lucas, bought one share each at P100 apiece.
In a telephone interview, Corazon P. Guidote, vice-president for investor relations of listed holding company SM Investments Corp. (SMIC), said Hotel Specialist was set up to serve as the operating arm of the Sy Group’s hotel development unit in Manila. The newly created Sy unit was tasked to maintain clubhouses, restaurants and other refreshment parlors, as well as entertainment outlets, the group may acquire or lease.
Hotel Specialist is building two hotels near the SM Mall of Asia complex in Pasay City. Earlier this year, SMIC chose Singapore-based Carlson Hotels Worldwide-Asia Pacific to manage the two hotels, which are expected to open in 2010.
She said SM Hotels may set up similar firms to handle the Sy-group’s other projects in Cebu and Hamilo town in Batangas. — Don Gil K. Carreon
