SM Prime readies P15B for hotel expansion

Taal Vista Hotel in Tagaytay – File photo

The hospitality unit of real estate giant SM Prime Holdings Inc. will shell out P15 billion in the next five years to expand its portfolio, banking on the travel boom and strong demand for convention properties.

In a stock exchange filing on Wednesday, the Sy family-led developer said SM Hotels and Convention Corp. (SMHCC) would build eight new hotels and two convention centers “in key destinations” across the country.

This will add at least 1,500 guest rooms in its portfolio, SM Prime said.

READ: SM Hotels to grow portfolio by 1,700 rooms in four years.

Hotel brands under SMHCC include Taal Vista Hotel, Pico Sands Hotel, Conrad Manila, Lanson Place Mall of Asia, Radisson Blu Cebu, Park Inn by Radisson Bacolod, Park Inn by Radisson Clark, Park Inn by Radisson Davao, Park Inn by Radisson Iloilo, and Park Inn by Radisson North EDSA. It also runs convention centers, such as the SMX Convention Centers in key cities across the country.