by Jenniffer B. Austria
[ manilastandardtoday.com ] May 30, 2011
Filinvest Development Corp., the holding company of tycoon Andrew Gotianun Sr., plans to launch its own chain of budget hotels starting this year.
Filinvest Development president Josephine Gotianun-Yap said the company would initially launch two budget hotels under the brand name “Fave,” a popular hotel chain in Indonesia.
Gotianun-Yap said the company had formed a joint venture partnership with a Singaporean firm, which will manage the hotel for the group.
The first two hotels in Metro Manila will target business travelers and local tourists and offer between 100 and 200 rooms with rates starting at $50 a night.
Filinvest Development currently has three hotel projects—Crimson Resort and Spa in Cebu, Crimson Hotel in Alabang and Quest Hotel also in Cebu City.
Several property companies earlier announced plans to roll out their owns brands of budget hotels.
Robinsons Land Corp., the real estate unit of conglomerate JG Summit Holdings Inc., said it would launch 30 budget hotels under the “Go Hotels” brand over the next five years, while Ayala Land Inc., the property unit of conglomerate Ayala Corp., has lined up five boutique hotels within the company’s commercial centers in Bonifacio Global City, North Trinoma of Quezon City, Ayala Alabang, Davao and Cagayan de Oro.
Eton Properies Philippines Inc., part of the Lucio Tan group of companies, is also in talks with a Singapore company for its planned businessman’s hotel in Quezon City, Cebu and Makati.
Filinvest Development has investments in real estate, financial services and sugar businesses.
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