Andrew Tan ups Boracay investment as confidence in travel returns | Inquirer Business
NEW THEATER TO RISE IN 150-HA PROPERTY

Andrew Tan ups Boracay investment as confidence in travel returns

/ 02:00 AM July 25, 2022
Andrew L. Tan

Andrew L. Tan. PHOTO from MEGAWORLD CORPORATION

Billionaire Andrew Tan is upping his investment in Boracay island as domestic tourism recovers from a two-year travel slump triggered by the COVID-19 pandemic.

Global-Estate Resorts Inc., a subsidiary of Tan’s flagship property developer Megaworld Corp., announced plans to open a 1,200-seat convention facility later this month.

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The project, called Boracay Newcoast Convention Center, will rise in the company’s 150-hectare Boracay Newcoast project.

Global-Estate is betting on more business gatherings or events known in the industry as meetings, incentives, conferences and exhibitions (MICE). Apart from standard features, the convention center will be equipped with “100-percent” backup power supply.

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“A theatre-type setting will give us a capacity of around 1,200 persons, while a banquet set-up will allow up to 750 persons,” Cleofe Albiso, managing director at Megaworld Hotels & Resorts, said in a statement.

“With a view overlooking the Sibuyan Sea, the Boracay Newcoast Convention Center is a perfect blend of a modern MICE facility and a tropical haven, right at the heart of our 150-hectare tourism township,” she added.

Boracay has seen a sharp increase in visitors following the relaxing of travel restrictions.

In an earlier statement, Aklan Rep. Teodorico Haresco Jr. said the number of visitors to the island has been climbing, reaching over 6,800 tourists just in June alone.

Global-Estate was previously known as Fil-Estate Land Inc. before the company was acquired by Tan’s group in 2011.

It booked profits of P412.2 million in the first quarter, up 28 percent, mainly on higher real estate sales.

Its hotel segment revenues also surged 175 percent to P60.6 million on the revenge travel-fueled rebound in tourism.

“Consumer confidence is on the rise and the rebound in travel and leisure-related activities has been strong. Our products are perfectly positioned to meet this demand and we are optimistic about our ability to sustain our recovery in 2022,” Global-Estate president Monica Salomon said in an earlier statement.

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TAGS: Andrew Tan, Boracay, Investment
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