MANILA, Philippines–Leading casual dining operator Max’s Group Inc. (MGI) is bowing out of its boutique hotel business to focus on its core restaurant operations.
In a disclosure to the Philippine Stock Exchange on Tuesday, MGI said it had signed a deal to sell wholly-owned subsidiary Room Ventures Corp., operator of the 59-room 12-storey Meranti Hotel in Quezon City.
“Our decision to divest from Room Ventures Corp. represents another step in our efforts to make MGI more streamlined, cost effective, and focused on its core business,” MGI president and chief executive officer Robert Trota said.
Meranti Hotel was opened in 2015 beside MGI’s flagship restaurant in Scout Tuazon Quezon City to complement the requirements of the site as an events venue.
But as MGI said that as it “bolsters its authority in the casual dining market, it is dedicated to enhancing the efficiencies and systems of its restaurant operations.”
MGI earlier disclosed its investment in a new food manufacturing and distribution center in Cavite which will future-proof its continuous store expansion.
At present, MGI’s store count totals 706 branches, with 59 across various territories in North America, the Middle East, and Asia. (Editor: Jonathan P. Vicente)
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