Property developer Ayala Land Inc. (ALI) is betting on the growth of the tourism sector with plans to spend over $500 million over the next five years to double its hotel room capacity to 8,000 by 2030, a top executive said Tuesday.
AyalaLand Hospitality president George Aquino said during a media briefing the company would expand its home-grown brands and engage other international brands to expand its portfolio from premium economy to luxury hotels.
“Our vision is to make the Philippines a must-see destination for all kinds of travelers, offering an experience of seamlessly blended culture, comfort and innovation,” Aquino said.
AyalaLand Hospitality is also looking to build a five-star hotel in Cebu and another in Batangas, which will have 400 to 600 rooms.
ALI senior vice president for leasing and hospitality Mariana Zobel de Ayala said the group’s priority is to expand its hotel and resort portfolio, within ALI’s existing estate developments and in areas with international flights.
She said the property firm is also making the huge investments as the country continues to attract high-value tourists.
The Department of Tourism said earlier it expected international visitor arrivals to reach 12 million by 2028.
Zobel de Ayala said Aside from strong arrivals, domestic tourists are also driving the growth, creating demand for a broader range of accommodations.
“Our foreign and domestic tourists and returning Filipinos now attempt to gravitate to other destinations across the country, opening up more opportunities for tourism investment outside the Metro,” she said.
AyalaLand Hospitality creative director Pamola Urquijo Zobel de Ayala said the group would also upgrade and refurbish existing hotels and resorts.
The company started upgrading three Seda hotels in Bonifacio Global City, Davao and Cagayan de Oro. These hotels will reopen within the year. The group is also slated to reopen Lagen Resort in El Nido, Palawan.
ALI now has more than 4,000 hotel rooms across 15 locations. Average occupancy rate for city hotels is at a high of 85 percent, while occupancy rate for resorts range from 60 percent to 65 percent.