Posted on June 03,
2014 11:16:31 PM [ Businessworld Online ]
CASINO OPERATOR Melco Crown
Philippines has partnered with an affiliate of Hyatt Hotels and Resorts to
manage the third hotel in its new integrated resort in Parañaque City.
In a statement attached to a disclosure yesterday, Melco Crown said the
Hyatt City of Dreams will have two towers, 365 guestrooms, and is set to open
this year.
The hotel will have direct access to a
family entertainment center, a live performance lounge, and a nightclub -- all
of which are situated inside City of Dreams Manila.
“Given the strong Hyatt brand name and
the hotel’s ideal location, we believe Hyatt City of Dreams Manila will attract
both business and leisure travelers, as well as meeting and incentive groups,
from across the region,” Melco Crown Chairman and President Clarence Chung was
quoted in the statement as saying.
The $1.3-billion City of Dreams Manila
is a joint venture of Melco Crown and SM Group’s Belle Corp.
Aside from Hyatt City of Dreams
Manila, the resort complex will have two other luxury hotels -- a 260-room
Crown Towers Hotel and a two-tower, 321-room Nobu Hotel. It will also house a
casino, an indoor theme park and high-end restaurants.
City of Dreams is among the four
integrated resorts being developed at the Bagong Nayong Pilipino controlled by
Philippine Amusement and Gaming Corp.
Melco Crown nearly tripled its net
loss year on year in the first quarter to P970.1 million from P338.7 million,
due to expenses incurred for the development of City of Dreams.
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