SM Hotels, Radisson eye 6 more hotels in 5 years
The hotel and convention property arm of Sy-led SM Prime and American hotel chain Radisson Hotels Group (RHG) are planning to put up six more hotels across the Philippines in five years as it draws optimism from the continued recovery of the tourism industry.
“Definitely, we will be developing more Park Inn hotels in the next five years,” SM Hotels and Conventions Corp. (SMHCC) executive vice president Peggy Angeles told reporters on the sidelines of the Park Inn by Radisson Davao’s 10th year anniversary. The partnership with Radisson has so far produced six branches across the country.
Angeles added most of the planned hotels would likely be in Luzon, but noted that Visayas and Mindanao would not be left out.
The partnership began in 2010 with the launch of Radisson Blu Cebu.
Angeles said consolidated revenues of all SMHCC properties to date have already breached the level recorded the year before the pandemic.
“My projection on revenues [is that] we will be ahead of 2019, which means also that we will have more budget,” she said, citing a conservative estimate of at least 15 percent in revenue growth.
As for occupancy rates, Angeles said they see it averaging 70 percent throughout the year, which she described as “good.”
She said growth was still being fueled by domestic tourism, adding that foreigners account for just about 8 percent of total occupants.
The Department of Tourism is eyeing to hit 4.8 million international visitor arrivals this year after it breached the 1.7 million target it set for 2022. INQ
SM Prime 2022 profit up 38% to P30.1B
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