Posted on October 22, 2015 10:34:00 PM [ BusinessWorld Online ]
AYALA LAND, Inc. (ALI) is expanding the hotel formats of its homegrown brand as part of a plan to triple its room count in the next five years.
On the sidelines of the 4th Asia Pacific Real Estate Investment Summit in Parañaque City yesterday, Ayala Land Hotels and Resorts Corp. (AHRC) Chief Operating Officer Michael Alexis C. Legaspi told reporters the property giant is expanding the Seda brand to include resorts and serviced apartments aside from the regular rooms within the business hotel.
This is part of ALI’s on-going construction of projects with nearly 2,000 hotel rooms, which are slated to open from 2016 to 2018.
Under its Vision 2020, the company plans to triple its real estate portfolio to 3.6 million square meters (sq.m.) of shopping space, 1.8 million sq.m. of office space, as well as 6,000 hotel and resort keys.
“The resorts are in El Nido. We’re looking at other opportunities as well. For the serviced apartments, we have in Makati, Cebu and we’re also putting up one in BGC (Bonifacio Global City) -- all under the Seda brand,” Mr. Legaspi said.
The expansion of Seda’s formats also widens the price ranges of its offerings between P3,000 and P6,000, he said.
Nine out of the 10 hotels under construction will carry the Seda brand, with Mandarin Oriental Hotel, rising at the tip of the Ayala Triangle Gardens, as the lone international brand.
Two weeks ago, AHRC announced it would shutter the InterContinental Manila by the end of the year to give way to a new commercial, mixed-use development as part of the Makati City redevelopment plan.
“We’re in talks with them now for other opportunities,” Mr. Legaspi said, referring to the InterContinental Hotels Group (IHG).
Continued growth in real estate sales and the double-digit expansion of its leasing and services businesses lifted the earnings of ALI by 19% to P8.39 billion in the first semester from a year-ago’s P7.05 billion.
Shares in Ayala Land slid 15 centavos or 0.43% to close at P35 apiece on Thursday. -- Krista Angela M. Montealegre