Megaworld subsidiary Global-Estate Resorts, Inc., is spending Php10 billion to finish five hotels in three years
Property giant Megaworld Corporation’s subsidiary, tourism and leisure township developer Global-Estate Resorts, Inc. (GERI), is further expanding its portfolio by building five hotels located in Boracay and Cavite, allocating Php10 billion to for their completion by 2019.
“One of GERI’s forefront roles in nation-building is to support the country’s tourism industry. With our new hotels, we hope to accommodate at least 700,000 tourists yearly in Boracay and Tagaytay,” GERI president Monica Salomon said.
Boracay Newcoast. Photo via Megaworld Corporation
Four of these hotels will rise in GERI’s 150-hectare integrated tourism and leisure township Boracay Newcoast. Currently fully operational is Fairways and Bluewater, while Savoy Hotel Boracay is set to be completed by the end of the year. Belmont Hotel Boracay will be finished by 2018, and Chancellor Hotel Boracay is targeting 2019 as its completion year. Meanwhile, the Twin Lakes Hotel will rise in the 1,200-hectare development Twin Lakes Tagaytay next year.
Once completed, these five hotels will increase GERI’s hotel portfolio by 1,850 rooms.
“We will strive to maintain our leadership in integrated tourism and leisure estates as Boracay Newcoast and Twin Lakes mature and become fully operational,” Salomon stated.
According to a report released by World Travel and Tourism Council (WTTC), foreign tourist arrivals will reach 5.5 million within the year, a number that will grow by 6.6 percent annually.
Twin Lakes Tagaytay. Photo via Megaworld Corporation
“In Boracay alone, we hope to capture around 20–30 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 added.
GERI expects to maintain its 30 percent annual net income growth target this year with the launch of new projects in both Boracay Newcoast and Twin Lakes.
Main photo via Megaworld Corporation