The hotel industry is expected add a record 2,800 new hotel rooms across Metro Manila in 2018, on strong visitor arrivals, especially from China, Korea and Japan, a real estate consultancy firm said Thursday.
Colliers International Philippines said in a recent market report about 1,700 new hotel rooms were completed in Manila in the first six months of 2018, already surpassing the 1,580 new rooms that opened in 2017.
Four- and five-star hotels accounted for more than 60 percent of the new units that were completed in the first half.
Collier said for the second half of the year, it was expecting the completion of another 1,100 new hotel rooms. It said nearly half of the new hotel inventory would open in Newport City in Pasay City while about 30 percent would be in Fort Bonifacio, Taguig City. The remaining 21 percent will be in Makati.
Among the new hotels due to be completed in the second half are Seda BGC Tower 2, Sheraton Hotel Manila and Hilton Manila.
Colliers said that once the additional supply of hotel rooms became available, the hotel occupancy rate was expected to ease to a range of 65 percent to 68 percent this year from 70 percent in 2017.
