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Hotels, convention centers planned

Posted on May 19, 2013 10:24:33 PM [ BusinessWorld Online ]
THE SM Group plans to build more hotels and convention centers in the next five years, company officials said on Friday last week.
  “The target is to build one hotel every year,” Lourdes P. Macalindong, vice-president for sales and marketing of SM Hotels and Conventions Corp., told reporters at the sidelines of a media luncheon at newly opened SM Aura Premier in Taguig City -- SM Group’s 47th mall in the Philippines.
The five-year plan started with construction this year of Conrad Manila, which is a franchise from international hotel operator Hilton Worldwide.
Located at SM Mall of Asia Complex in Pasay City, Conrad Manila is an eight-storey, 350-room luxury hotel. The hotel is scheduled to open in 2015, Ms. Macalindong said.
The company also plans to start this year construction of Park Inn by Radisson in Clark Freeport Zone in Pampanga. The 200-room hotel is expected to open next year, she added.
The official declined to mention the location of other hotels in the pipeline.
Already, SM Hotels and Conventions operates four hotels: Park Inn by Radisson in Davao; Radisson Blu Hotel in Cebu; Pico Sands Hotel in Hamilo Coast, Batangas; and Taal Vista Hotel in Tagaytay City.
In the same event, Dexter D. Deyto, vice-president and general manager of SMX Convention Specialist, Inc., said the SM Group is also looking at building more convention centers.
“We are still looking at some venues. We are trying to locate in key cities -- we are looking at North Luzon and Visayas,” Mr. Deyto said.
“Cebu is in the front run [sic]. Under study now is Clark.”
SM Group has three SMX convention centers located at the Mall of Asia Complex in Pasay City, Davao City, and in Taguig City. It also operates two trade halls -- one in SM Megamall in Mandaluyong City and another one in Cebu.
Officials could not immediately give the budget for this thrust.
SM Hotels and Convention is under SM Investments Corp., the conglomerate of the Sy family which has interests in property development, shopping mall development and operation, retail merchandising, financial services, and tourism.
The conglomerate has earmarked some P65 billion in capital expenditures this year -- compared to last year’s P56.8 billion -- mostly for its flagship mall and condominium development units SM Prime Holdings, Inc. and SM Development Corp.
SMIC’s net income grew by 24% to P10.13 billion in the first quarter from P8.17 billion in the same period last year. Its shares lost P9 or 0.76% or P1,179 apiece on Friday last week. -- Cliff Harvey C. Venzon         
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