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Boracay, Cebu, Palawan to open thousands of new hotel rooms

By Othel V. Campos | Posted on Jan. 24, 2013 at 12:01am
[ manilastandardtoday.com ]
Luxury destinations Boracay, Cebu and Palawan are adding thousands of new hotel rooms this year, according to real estate advisory company CBRE Philippines.
CBRE Philippines said the 27 upcoming hotels in Boracay alone would add 2,655 hotel rooms.
It said with the rise of Aqua Boracay, the last single big development project on the resort island, only 168.5 hectares of disposable and alienable land were left for future developments.
“There is increased capital appreciation in the island given the diminishing availability of developable land,” said Liz Silvestre, associate director for investment properties and capital markets of CBRE Philippines.
The company said in Cebu, the upcoming availability of 1,267 hotel rooms could increase occupancy rate to about 80 percent from the current 67 percent to 73 percent.
It said the new developments in Boracay and Cebu and the aggressive campaign to promote Palawan would boost leisure tourism in the country.
The government hopes to attract 5.5 million international visitors in 2013, up from the 4.3 million arrivals registered in 2012.  Silvestre said hotel and resort developers should take advantage of the industry growth.
“The timing should be now to fully maximize the full potential of their investment,” Silvestre said.
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