Leisure estate developer Global-Estate Resorts Inc. (Geri) expects to double its recurring revenue this year to P1.4 billion as new resort-hotels and commercial ventures gain traction.
Geri, a unit of Megaworld Corp. which specializes in tourism estates and integrated lifestyle communities, expects the bulk of its new rental income this year to come from Southwoods Office Towers.
Last year, the company’s combined rental and hotel income hit about P651 million.
It is also expected to open about 10,000 square meters of leasable space this year in the following areas: Alabang West Parade, a retail strip in its 62-hectare Alabang West township in Las Piñas City; the Holland Park Retail in Southwoods City, Laguna; Savoy Hotel Boracay retail area in Boracay Newcoast, and a land lease in Eastland Heights in Antipolo, Rizal.
This is part of its plan to ramp up its leasing and hotel portfolio across its developments all over the country.
From the hotel business alone, the company expects to quadruple its income due to the opening of three new hotel towers in Boracay Newcoast under the Megaworld Hotels Brand, and the full-year income of the newly opened 126-room Twin Lakes Hotel in Laurel, Batangas.
“We expect another banner year for Geri as we see both leasing and hotel income to be the major drivers of our growth. Our residential sales remain strong, as we also expect new launches of residential properties in Twin Lakes and Boracay Newcoast this yeart,” Geri president Monica Salomon said in a statement on Thursday.
In 2017, Geri opened its first hotel in Boracay Newcoast, the Savoy Hotel Boracay, which offered 559 rooms and suites.
“Through our hotel developments, we hope to contribute to the growth of the country’s booming tourism sector especially in key tourism destinations like Boracay and Tagaytay. Aside from just hotel rooms, we are also providing facilities for MICE (Meetings, Incentives, Conventions and Exhibitions) in these areas,” said Salomon.
Geri has four other tourism estates and two integrated lifestyle communities across the country covering more than 3,000 ha of land. These include Southwoods City; Boracay Newcoast on Boracay Island; Twin Lakes in Batangas; Sta. Barbara Heights; Alabang West in Las Piñas ; Eastland Heights in Antipolo and The Hamptons.