Megaworld to spend P5 billion to build three new hotels in the country

As part of Megaworld’s strategy to grow its recurring income, the company will build three new hotels under its third hotel brand, Savoy, which will be worth P5 billion.

 

(Image grabbed from megaworldcorp.com)

 

According to Megaworld’s Senior Vice President Jericho Go, Savoy Hotel is set to open in Boracay, Cebu and Manila.

“Megaworld is spending P5-billion to build the three Savoy Hotels in Boracay, Cebu and Manila. Part of our goal is to make this hotel brand visible in our other townships across the country,” said Go.

Boracay Newcoast will have a 530-room Savoy Hotel, envisioned to be a first-class resort hotel which would feature the country’s first concert pool arena, overlooking the Sibuyan Sea.

The second Savoy Hotel with 684 rooms is set to open in the 25-hectare Newport City in Pasay City by next year.

The Mactan Newtown in Lapu-Lapu City, Cebu will be the location of a third Savoy Hotel with 18 floors and 547 rooms. It is set to open in 2018.

Aside from Savoy Hotels, company allocated an additional P3.5-billion for another hotel brand, Belmont Hotels in Boracay and Mactan Newtown, which are also set to open in the same year with 407 and 500-room capacities, respectively. A 126-room hotel is also expected to be opened in the 1,200-hectare Twin Lakes property in Alfonso, Silang Cavite near Tagaytay City.

Megaworld aims to have around 3,800 hotel rooms under its name by 2020.

 

Source: entrepreneur.com.ph, philstar.com