Megaworld sets P8.5B expansion of local hotel brands
PROPERTY developer Megaworld Corp. is scaling up its hospitality portfolio by investing a sum of P8.5 billion to build hotels under a new homegrown brand Savoy Hotel and to expand the Belmont hotel brand.
By yearend, Savoy Hotel will open a P2.2-billion 530-room first class resort hotel in Boracay Newcoast.
Another Savoy Hotel is also set to open in the 25-hectare Newport City in Pasay City by next year
with 684 rooms. It will be the last hotel to open in the leisure and entertainment township that is
home to pioneering integrated gaming resort Resorts World Manila.
The company is also constructing another Savoy Hotel in its 20-hectare The Mactan Newtown in
Lapu-Lapu City, Cebu. With close access to the beach, Savoy Hotel Mactan Newtown will have 18
storeys and 547 rooms. This new hotel is set to open in 2018.
“Megaworld is spending P5-billion to build the three Savoy Hotels in Boracay, Cebu and Manila.
Part of our goal is to make this hotel brand visible in our other townships across the country,”
Megaworld senior vice president Jericho Go said in a press statement on Thursday.
Savoy is Megaworld’s third homegrown hotel brand after Belmont and Richmonde.
Megaworld also announced the expansion of its Belmont brand outside Metro Manila, allocating P3.5 billion for this project.
The first Belmont Hotel operates in Newport City, offering 480 rooms and featuring amenities such as podium gardens, 24-hour fitness center and workout area, a penthouse pool bar and Café Belmont.
By 2018, Belmont Hotel will also open a hotel in Boracay Newcoast with 407 rooms and another one in The Mactan Newtown in Cebu with 550 rooms a year after.
“Our rapid expansion of our very own hotel brands is an indication of Megaworld’s diversification
as a real estate company, and at the same time, our commitment to support the country’s tourism
industry,” Go added.
At present, Megaworld’s Richmonde Hotel brand has three hotels in the country, namely: Richmonde Hotel Ortigas, Eastwood Richmonde Hotel and Richmonde Hotel Iloilo, with a total of 449 rooms. Also set to open under this brand is Twin Lakes Hotel in the sprawling 1,200-hectare Twin Lakes in Alfonso, Batangas near Tagaytay. This new hotel will offer 126 rooms and is set to be completed next year.
By 2020, the three local hotels brands of Megaworld will have a total of around 3,800 hotel rooms.
