The provinces of Cebu and Bohol are attracting more developers in the hospitality industry, besting longtime top choice Boracay Island in the highly competitive and rapidly growing sector.
In its Philippine Hotel Pipeline Report, real estate brokerage firm Leechiu Property Consultants observed a “diverse range” of locations for upcoming accommodation developments in the country, cornering a total of P250 billion in investments in the next five years.
“The geographic spread reinforces the vital role the hospitality sector plays in driving economic growth and creating employment opportunities in various regions nationwide,” Leechiu said in its report.
Coastline and island attractions made Lapu-Lapu City, Cebu, the most attractive investment area in the country, with 4,786 hotel room keys across 10 projects coming in the next five years.
The city is home to the Mactan-Cebu International Airport, the country’s second-busiest gateway. Brands such as Aruga by Rockwell, DoubleDragon Corp.’s Hotel101, Fairfield by Marriott and Four Points by Sheraton are set to be built in Lapu-Lapu.
Panglao Island in Bohol ranked second with 4,401 keys planned across 16 projects. Leechiu previously noted the province’s emerging popularity has lured “higher spending guests,” such as foreigners, away from local tourist-favorite Boracay.
The island in Aklan province ranked third overall in terms of the number of upcoming hotel rooms at 3,625.
Parañaque, the sole Luzon-based city in the top 5 as the gaming industry continued to attract guests, ranked fourth, cornering 2,863 keys. Cebu City was fifth with 1,929 keys.
Leechiu said hotels would be adding 40,084 rooms across 158 projects nationwide. INQ