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SM Prime investing P2.5b in more hotels

By Jenniffer B. Austria | May. 05, 2014 at 12:01am [ manilastandardtoday.com ]

SM Prime Holdings Inc.’s hotel unit is spending P2.5 billion to double the number of hotels under its portfolio to 10 by 2018 to tap the vast potential of the tourism industry.

SM Hotels and Conventions Corp. president Elizabeth Sy said in an interview at the sidelines of the recent annual stockholders meeting of SM Investments Corp. the company identified Clark Freeport in Pampanga, North Edsa in Quezon City, Iloilo City, Bacolod City and another location as the next sites for hotel projects.

Sy said one hotel project would cost about P500 million.

The company operates 1,019 hotels rooms spread in five hotels, including the 261-room Taal Vista Hotel in Tagaytay City; the 400-room upscale Radisson Blu Hotel in Cebu; the 154-room Pico Sands Hotel in Hamilo Coast; and the 204-room Park Inn by Radisson in Davao, situated beside SM Lanang Premier Mall and the SMX Convention Center.

Under construction within the Mall of Asia Complex is Conrad Manila, a five-star hotel with 347 guestrooms. Conrad Manila, the first Conrad Hotels & Resorts branded property in the Philippines, is expected to open by mid-2015.

Sy said the new hotels projects, like the existing hotels, would be located beside SM shopping malls.

The upcoming hotels will be under the Radisson group.

SMHCC also operates convention centers and trade halls, including SMX Convention Center, which has become a popular venue for both local and international events.

The company plans to launch its newest convention center in Bacolod in September this year. Jenniffer B. Austria
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