News

April 01, 2019

Some P23 billion worth of investments in accommodation facilities are in the pipeline in the next two years as the hotel development industry catches up with the country’s booming local and domestic tourism.

Samie Lim,  chairman emeritus of the Philippine Franchising Association  said 120 hotels are to be built to bring the number of rooms in the country to 100,000.

Lim said as of last count, the Philippines has about 78,000 rooms.

Lim’s  investment estimate is based on an investment requirement of P1 million per room.
Lim said he has seen the rebirth of interest on big hotels especially in places like Cebu following the opening of the new Mactan airport; in Boracay following its rehabilitation as well as in Panglao-Bohol also with its new airport and even Baguio.

He said Clark is also seeing a resurgence in tourism due to the connectivity provided by more airline operations as well as the upcoming  new terminal , thus opening opportunities for hotel
developments not just in Pampanga but also in neighboring provinces like Tarlac and Pangasinan.
Lim also sees the huge potential of Quezon City for accommodation investments.

At present, 68 percent of hotels in the country are independently operated by local companies but with the new investments, the proportion will reverse to more international chains.

International brands like Accor which also operates Novotel, Mercure etc. and high-end chains like Marriott, Hilton among others as well as Japanese and Korean brands are also finding the Philippines  an attractive investment destination. (I.Isip)

Source : https://www.malaya.com.ph/business-news/business/p23b-hotel-projects-pipeline

Tags: Business Hotel Project Investment