Philippines Megaworld Corp., owned by tycoon Andrew Tan, has ambitions to grow its portfolio by 3,800 rooms until 2020. This year alone, Megaworld Corp. is due to open four new hotels, almost doubling its current portfolio of properties. Most of them are located within the company’s own developed townships.
The four properties will offer an additional 1,662 rooms and comprise the Courtyard by Marriott at Iloilo Business Park, the Savoy Hotel Boracay in Boracay Newcoast, the Savoy Newport Hotel and the Hotel Lucky Chinatown, both located in Manila. The first two properties are due to come up in first half year of 2017 while the two last ones will be opened in the second half.
The first to open will be the 530-room Savoy Hotel Boracay, conceived as a first-class resort hotel set on a 150-hectare new tourism area on the East part of the island. The Savoy Newport in Manila will be the last property to open within the integrated Resorts World Manila. The property will have 684 rooms. Savoy is Megaworld’s newest hotel brand and was launched in the middle of last year.
The group is investing some US$250 million to expand its own two hotel brands, Savoy and Belmont across key cities in the Philippines. Three more properties are already planned in Cebu (Mactan) – Savoy and Belmont while Boracay will also have a Belmont property. The move by Megaworld Corp. is to bring both local brands into destinations outside Metro Manila. The Mactan Newtown Savoy is due to open in 2018 with a total of 547 rooms.
By 2018, Megaworld Corp. is also planning to add a Belmont Hotel in Boracay Newcoast with a total of 407 rooms. Another Belmont property is also due to be launched at Mactan Newtown in Cebu with 550 rooms. They are also plans to open another property in Cavite, near Tagaytay called the Twin Lakes Hotel with a total of 1,200 rooms.