By Zinnia B. Dela Peña Updated January 01, 2009 12:00 AM
[ Manila Bulletin Online ]
Discovery Leisure, a member of the Tiu Group of Companies, is scouring for acquisition deals within Asia, particularly China, to take advantage of investment opportunities amid a global economic downturn.
“We’re looking at properties throughout Asia, possibly a hotel with a beach resort,” said John Tiu Jr., director for corporate planning at JTKC Land Inc.
Tiu said the company is also keen on acquiring serviced apartments.
On the homefront, the group is allotting P200 million for the refurbishment of the Discovery Hotel in Ortigas to attract more clients in view of the stiff competition in the tourism industry.
He said the rooms will be renovated to make it more appealing to the public as consumers reduce spending due to the economic crisis.
Tiu said the group recently acquired 20 hectares of land in San Vicente, Palawan which will later on be converted into a high-end beach resort. Construction of the project will begin only after the necessary infrastructure has been put in place.
The expansion is in line with the group’s optimistic outlook for the hotel or lodging sector in spite of tough business conditions.
The group also owns Discovery Shores in Boracay and Discovery Tagaytay.
JTKC also owns the Mansiongroup, a pioneer in the serviced apartments industry. It owns five of the finest and coziest hotels and residential suites in Manila and Makati City.
Within the Manila tourist belt are the Boulevard Mansion, the Dakota Mansion and the Mabini Mansion. In the Makati commercial district are the Gilarmi Apartments and the Amorsolo Mansion.
Apart from this, the Tiu family has investments in various companies involved in a wide range of industries, from logistics to finance, real estate, manufacturing, and hotel and resort properties.
Among them are Kent Vinyl Tiles, and iRemit Global Remittance.