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Global-Estate to build 5 hotels

Global-Estate Resorts Inc., a subsidiary brand of property developer Megaworld Corp., will invest P10 billion to build five new hotels in Boracay and Batangas over the next three years, a top executive said.

Global-Estate president Monica Salomon said the planned five hotels would boost the company’s hotel portfolio to 1,850 rooms from current 208 rooms. This would also significantly increase the share of hotel revenues to the company’s sales, which currently stands at a single-digit level.

Global-Estate’s four hotels in Boracay include Fairways and Bluewater which has been completed and now fully-operational; Savoy Hotel Boracay which will be completed by the end of this year; Belmont Hotel Boracay which would be completed in 2018; and Chancellor Hotel Boracay which would be finished in 2019.

The property firm is building the Twin Lakes Hotel in Tagaytay, offering unparalleled panoramic views of the Taal Lake and a real vineyard surrounding the development which is slated for completion by 2017.

“One of GERI’s forefront roles in nation-building is to support the country’s tourism industry. We will strive to maintain our leadership in integrated tourism and leisure estates as Boracay Newcoast and Twin Lakes mature and become fully operational. With our new hotels, we hope to accommodate at least 700,000 tourists yearly in Boracay and Tagaytay,” Salomon said.

Boracay and Tagaytay are two of the top tourist destinations in the country.

“In Boracay alone, we hope to capture around 20 to 30 percent of the tourism market when our hotels become fully operational. Our vast Boracay Newcoast township will set the bar of a world-class island destination that Filipinos will be proud of, as far as facilities and infrastructure are concerned,” Salomon said.

Meanwhile, the property firm said it would spend P6.5 billion in capital expenditures this year to launch two residential projects.

The company expects to maintain a 30-percent net income growth target this year.

Global-Estate now has five integrated leisure and tourism township developments across the country covering around 2,146 hectares of land. 

Share price of Global-Estate closed unchanged at P0.98 Thursday.

Topics: Global-Estate Resorts Inc. , new hotels , Boracay , Batangas
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