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Megaworld spending P1.5B to bring Marriott to Western Visayas

Posted on August 15, 2013 11:01:09 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Megaworld Corp. will invest P1.5 billion to introduce a new Marriott brand in the country, the company said in a statement attached to a disclosure yesterday.
“Megaworld… is allocating P1.5 billion to build the Courtyard by Mariott Hotel in the 72-hectare Iloilo Business Park,” the company said, adding that this will mark “the entry of an international hotel brand in Western Visayas.”
The 15-storey hotel, according to the statement, will be the latest addition to the hotels inside the company’s biggest township in the region. It will offer first-class accommodation to both business and leisure travelers.
“This is another milestone for Iloilo Business Park. Our development in Iloilo is a showcase of our company’s commitment to uplifting the Ilonggo lifestyle to a whole new level,” the statement quoted Megaworld First Vice-President Jericho P. Go as saying.
“The quality of service of Courtyard by Marriott is legendary and will help to lift the level of accommodation and leisure in Iloilo City.”
The same statement quoted Peter Gassner, director for Hotel Development Asia-Pacific of Mariott International, Inc., as saying: “This is the first Courtyard by Marriott hotel in the Philippines. We are happy and very excited that our fast-growing brand in the Marriott group will rise in Iloilo Business Park.”
According to the statement, the new development will consist of spacious rooms and suites -- 121 of which will be King Rooms, 140 will be Doubles, 32 will be Executive Rooms, and 16 will be suites.
The hotel will also house amenities like a lounge bar, meeting rooms, swimming pool with a pool bar, outdoor bar and grill, gym and business center.

“The Courtyard by Mariott Iloilo will also feature a restaurant which will serve high-quality food that the Courtyard brand is also famous for, featuring a variety of international and local cuisines,” Mr. Gassner said.
Company officials were not immediately available when sought for additional details yesterday.
Megaworld is currently building Iloilo Business Park, a P25-billion mixed-use development in Mandurriao in Iloilo City at the site of the old Iloilo airport.
Upon completion, Iloilo Business Park is envisioned to contain residential condominiums, commercial lots, office towers, a boutique hotel, two luxury hotels, the Iloilo Convention Center, the Megaworld Central Mall and Annex, and the 1.1-kilometer Festive Walk commercial strip.
Megaworld, incorporated in 1989 as Megaworld Properties and Holdings, Inc., is currently engaged in the development of large-scale, mixed-use master-planned townships. Its projects include Eastwood City in Quezon City; McKinley Hill in Bonifacio Global City, Taguig City; and Newport City in Pasay City.
Megaworld is currently building Uptown Bonifacio, a P65-billion, 15-hectare mixed-use complex in the Fort Bonifacio area in which will have residential, commercial, and office segments.
Shares of Megaworld closed yesterday at P3.40 apiece, unchanged from Wednesday. -- Claire-Ann Marie C. Feliciano          

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