DMCI Holdings Inc. said its DM Consunji Inc. construction subsidiary had signed a P4.9-billion contract to build a condominium building and a luxury hotel in the Makati business district.

The contract is with KHI-ALI, a joint venture of Philippine property giant Ayala Land Inc. (ALI) and Dubai-based hotel and resort developer Kingdom Hotel Investments (KHI), DMCI said in a disclosure to the stock exchange, for construction of a 300-room Fairmont Hotel and Raffles Suites and Residences — a 30-suite Raffles Hotel and 189 Raffles-branded private residences.

KHI is a hotel and resort acquisition and development company focused on high-growth emerging markets such as the Middle East, Asia, and Africa. It has interests in 29 property projects in 20 countries: 22 hotels and resorts, and seven hotels and resorts either under construction or in the initial stages of development.

ALI announced last year the plan to develop a luxury hotel complex in Makati in partnership with KHI. Elizabeth S. Lacson; edited by INQUIRER.net