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Ascott sees 15% revenue increase

By Othel V. Campos | Posted on Apr. 17, 2013 at 12:01am |
[ manilastandardtoday.com ]
Leading service hotel and residence provider Ascott Ltd. plans to increase revenues this year by 15 percent to P1.15 billion from a year ago as occupancy rate is expected to hit 80 percent to 90 percent.
“This industry is very market-driven. We are banking on the arrival of more corporate visitors,” regional manager for Philippines and Thailand Arthur Gindap said Tuesday during the topping-out ceremonies for Ascott Bonifacio Global  City Manila tower.
The P1-billion project will add 220 units to Ascott’s portfolio. It will be the second premier Ascott brand property in the Philippines, next to Ascott Makati.
“The developers are a group of Filipino investors whose identities I am not at liberty to say,” Gindap said.
The Ascott Bonifacio Global City Manila will offer mid-to-long stay options to business travelers with a choice of one-, two- or three-bedroom apartments.
Gindap said an upgraded credit rating from Fitch Ratings, Moody’s Investors and Standard & Poor’s had spurred businesses in the country.
“With a steady stream of corporate headquarters and high-value companies moving into Bonifacio Global City, Ascott Bonifacio Global City Manila will cater to a growing market of expatriates and business travelers looking for that home away from home experience,” he said.
The company is also set to open Citadines Salcedo Makati in 2014 and Citadines Millennium Ortigas in Manila in 2015.
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