For the first time in nearly two decades, the Makati central business district boosted its upscale hotel portfolio with the debut of renowned brands Raffles and Fairmont in the Ayala group’s crown jewel, Ayala Center.
The Philippine Stock Exchange (PSE) recently revived talks on the Real Estate Investment Trust (REIT) through a forum with industry representatives and invited government officials. However, the absence of a representative from the Department of Finance, which plays a crucial role in addressing tax-related rules acceptable to the market to get REITs launched, was something of a concern.
International budget hotel chain Tune Hotels opened its 165-room branch along Don Juico Avenue here last week.
