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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