Property giant Ayala Land Inc. is expanding its hospitality business in flagship Makati central business district by building a new 275-room luxury hotel to be managed by Mandarin Oriental group.
The new hotel will open its doors by 2020, ALI said in a disclosure to the Philippine Stock Exchange Thursday.
ALI said its wholly owned subsidiary AyalaLand Hotels and Resorts Corp., had signed a long-term management agreement with Mandarin Oriental to develop and operate the luxury hotel. Apart from offering spacious rooms, the new Mandarin Oriental Manila is envisioned to have an extensive range of modern amenities, including a premium selection of restaurants and a signature spa.
“This is in line with the company’s thrust of expanding its hotels and resorts business portfolio,” the disclosure said.
Asked where the new Mandarin Oriental hotel would be located, ALI president Bernard Vincent Dy said there was no decision yet on this. “No details yet. (We’re) looking at a few locations,” he said.
Mandarin Oriental earlier announced that its 38-year-old hotel along Makati Avenue would fold up this year.
In the last five years, ALI has quadrupled its hotel and resorts portfolio to reach 2,001 rooms at the end of 2013. Growth tripled in 2013 alone with the opening of Holiday Inn & Suites at the Glorietta and the Seda Abreeza in Davao City. Within Makati, ALI has brought the upscale Raffles and Fairmont hospitality brands.
ALI’s goal is to double its hotel and resort room inventory to 4,100 by 2016, most of which would be under its homegrown brand Seda.
In terms of revenues, Ayala Land Hotels and Resorts contributed P4.02 billion to ALI last year, growing its topline contribution by 64 percent.