MANILA -The hotel and convention property arm of the Sy-led SM Prime and the American hotel chain Radisson Hotels Group on Wednesday signed an agreement for 14 new hotels across the Philippines over the next five years, expanding the presence of their hotel collaboration in the country to 20 by 2028.
SM Hotels and Conventions Corp. (SMHCC) executive vice president Peggy Angeles said the costs of putting up one hotel range from P700 million to P800 million, indicating that the expansion would need an investment of at least P9.8 billion just for the infrastructure.
The expansion is also expected to create more than 1,200 direct jobs.
Angeles said they have already identified several locations where they will put up these hotels, which includes Cebu, Isabela, Olongapo in Zambales, Laoag City in Ilocos Norte, Dasmariñas in Cavite, and Sta. Rosa in Laguna, and in Fairview, Quezon City.
Earlier in March, Angeles had expressed optimism for the local hotel industry, drawing from the potential growth from foreign tourism.
The SMHCC executive said back then that much of their growth is still being fueled by domestic tourism, indicating that there is still much promise with the return of foreign travelers in the Philippines.
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 with 2.65 million international visitor arrivals. INQ