Megaworld earmarks P8.5B for new hotels

Property developer Megaworld Corp. is scaling up its hospitality portfolio by investing P8.5 billion in building more hotels under new homegrown brand Savoy Hotel and in expanding its Belmont hotel brand.

By the end of this year, Savoy Hotel will open a P2.2-billion first class resort hotel in Boracay Newcoast, making available 530 rooms to Boracay’s tourism market.

Another Savoy Hotel is 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.

Megaworld is also constructing another Savoy Hotel in its 20-hectare The Mactan Newtown in Lapu-Lapu City, Cebu which will have 547 rooms. It will 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 statement.

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 opened 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.