MJC Investments Corp., the leisure and tourism arm of Manila Jockey Club, said it started a P3.7-billion tourism project in Manila after announcing plans to raise fresh capital. Both companies are listed on the Philippine Stock Exchange.
In a statement dated July 23, MJC Investments said it broke ground on the Winford Hotel, which will encompass an 18-story, luxury hotel with a six-story retail, entertainment and recreation podium.
The project is located at the Lazaro Business and Tourism Park in Santa Cruz, Manila, a vertical integrated urban township comprising luxury high-rise condominiums and Manila’s only dedicated, PEZA-zoned IT and business process outsourcing dedicated tower, the statement showed.
MJC Investments said the venue will “provide premium hotel, entertainment and meeting options in one of Metro Manila’s most affluent areas.”
“We are proud to be bringing to market a project that will service an affluent and highly desirable market that has long clamored for world-class accommodations, entertainment and recreation,” Alfonso Reyno, Jr., chair and CEO of MIC, said in the statement.
“It is an opportune time to be in the tourism and hospitality business in the Philippines,” he added.
The company announced earlier this month that it would raise added funds with the subscription of additional shares of MJC Investments by its Hong Kong-based “strategic investor,” represented by Cheah Teik Sing. The deal involved 875 million shares of MJC Investments.
“The fundamentals of the Philippine economy, and the rapid growth of your country’s tourism industry ensure demand for luxury hotel rooms and our partnership is well placed to capitalize upon these unique opportunities and build long-term value,” Cheah said in the same statement.