MANILA, Philippines - SM Investments
Corp. (SMIC), the holding firm for the various business of the family of the
country’s richest man Henry Sy, has earmarked almost P5 billion for the
construction of two hotels under the Luxury brand.
Based on documents submitted to the
Securities and Exchange Commission (SEC), SMIC has appropriated around P4.93
billion out of the total proceeds from its fixed-rate bond issue for two hotel
projects to be built at the Mall of Asia complex and in Looc, Batangas.
A big chunk, or P3.4 billion, will go
to Luxury City Hotel, an upscale hotel that will have approximately 400 rooms.
The balance of P1.53 billion will be
channeled to the 400-room Luxury Hotel in Santelmo, Batangas. “This will be a
resort,” said SMIC chief financial officer Jose Sio.
Sio said the design and costing are
still being prepared.
SMIC’s hotels and convention centers
segment is aiming to offer 1,000 hotel rooms by 2013.
The group is currently building the
P750-million Park Inn Radisson Hotel in Davao City’s Lanang District, the first
Park Inn Radisson in the Asia Pacific region.
Targeted for opening in the first
quarter of 2013, the 204-room Park Inn hotel will be located within the
175,000-square meter mixed-use complex owned and developed by SMIC’s shopping
mall subsidiary SM Prime Holdings Inc.
The Park Inn brand is one of the hotel
brands under Carlson and is the largest mid-market brand for hotels under
development in Europe.
From the first ShoeMart store which
opened in 1958, the SM Group has since evolved into a group of companies with
five core businesses: shopping mall development and management (SM Prime),
retail (SM Department Stores, SM Supermarkets, SM Hypermarkets and SaveMore
stores), financial services (BDO Unibank, Inc. and China Banking Corp.), real
estate development and tourism (SM Land, Inc., SM Development Corp., Costa Del
Hamilo Inc. and Highlands Prime Inc.), and hotels and conventions (SM Hotels,
SMX Convention Specialists, Hotel Specialists – Tagaytay, Cebu and Pico).
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