120 International Hotels set to invest P23B in PH
More than 100 international hotel chains are expected to invest over P23 billion in the Philippines in the next three years, according to the Philippine Franchise Association.
“Based on our estimates, there will be additional of at least 23,000 new rooms in the next three years. These will be more of the international hotel chain franchises. About 120 hotels will be built in the next three years,” Philippine Franchise Association chairman emeritus Samie Lim said over the weekend at the sidelines of the Franchise Asia Philippines 2019.
Lim said the big players in the hotel industry such as the European Mercure Hotel chain were keen on expanding in the Philippines.
American hotel brands such as Madison, Marriott and Hilton were also expanding in the country, he said.
Asian hotel brands are also coming in, such as the popular capsule hotels in Japan.
Lim said of the cities in Metro Manila, Quezon City would likely host a big percentage of hotel expansion projects.
He said other tourism destinations in the Philippines were experiencing a “rebirth” of hotels as the industry expects more hoteliers to flock to Baguio, Cebu, Bohol and Clark.
Mactan in Cebu will be developed as a prime tourist destination which explains the big interest of investors to build hotels in the city, Lim said.
“Laoag seems to be a laggard. We try to get them to catch up. There are too many opportunities available for this city,” he said.
Lim said the hotel industry could have another 23,000 to 40,000 new rooms over the next three years.
He said the hotel expansion in provincial megacities was an effect of the creation of more international and local airports as gateways to the country’s tourism destinations.
“Right now, 68 percent of hotels in the Philippines are family- or corporation-owned. In three years, foreign hotels will dominate the hotel industry with at least 65-percent share,” Lim said.
Tags: International Hotels Investment Hotel Industry Franchises Business
