Megaworld’s GERI spending P10-B to complete five hotels by 2019
Megaworld’s GERI spending P10-B to complete five hotels by 2019. New hotels seen to further boost tourism in Boracay, Tagaytay
MANILA, Philippines, June 30, 2016 – Tourism and leisure township developer Global-Estate Resorts, Inc. (GERI), a subsidiary brand of property giant Megaworld, is expected to complete five hotels in its townships in Boracay and Alfonso, Batangas near Tagaytay in the next three years. Four of these hotels are within Boracay Newcoast, a 150-hectare integrated tourism and leisure township in Boracay Island, while the other one will be in Twin Lakes, a 1,200-hectare development near Tagaytay.
The company is spending around P10-billion to build the five hotels, which will offer a total of 1,850 rooms including multi-level retail spaces.
In Boracay Newcoast, these hotels include Fairways and Bluewater, which has been completed and now fully-operational; Savoy Hotel Boracay, which will be completed by the end of this year; Belmont Hotel Boracay, to be completed in 2018; and Chancellor Hotel Boracay, to be completed in 2019. The Twin Lakes Hotel in Tagaytay, on the other hand, will be completed next year, offering unparalleled panoramic views of the Taal Lake and a real vineyard surrounding the development.
“One of GERI’s forefront roles in nation-building is to support the country’s tourism industry. We will strive to maintain our leadership in integrated tourism and leisure estates as Boracay Newcoast and Twin Lakes mature and become fully operational. With our new hotels, we hope to accommodate at least 700,000 tourists yearly in Boracay and Tagaytay,” says Monica Salomon, president, Global-Estate Resorts, Inc.
A report from the World Travel and Tourism Council (WTTC) revealed that foreign tourist arrivals this year would hit 5.5 million with an annual growth of 6.6%. This means that by 2026, foreign tourist arrivals will reach 9.19 million. This is on top of the 40 million domestic tourists who spend more on travel and leisure in the last five years.
“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,” reveals Salomon.
This year, GERI expects to maintain its 30% target of annual growth in net income as new projects are expected to be launched in Boracay Newcoast and Twin Lakes.