SM Group Earmarks P7B for Hotel Expansion Plan

The group of retail tycoon Henry Sy is investing some P7 billion to scale up its hotel portfolio over the medium term, which will include its flagship luxury hotel that will rise within the Mall of Asia (MOA) complex and five new Park Inn Hotels in various countryside locations across the Philippines. 

Park Inn Hotel in Davao by SM

SM Hotels executive vice president Reynaldo Villar said the group has made plans to build a five-star 400-room hotel within MOA and roll out five new Park Inn Hotels adjacent to selective SM Malls within the next six to seven years. The upcoming five-star hotel in MOA, which will be completed by 2015, will require about P4.5 billion in investment, said SM Hotels vice president Christina Bautista. She added that each new Park Inn Hotel would require P500 million in new investment. This will bring to P2.5 billion the expected capital outlay for the five new Park Inn Hotels. Four of the additional Park Inn Hotel projects, she said, might be able to break ground by the first quarter of 2013.

Source: Philippine Daily Inquirer