PH’s hospitality sector grows with ‘Golden Era of Hotel Construction’
International and local hotel brands continue to expand their portfolio across the Philippines, capitalizing on a strong tourism growth forecast, improving infrastructure and greater interest among developers to venture into the hospitality space.
Santos Knight Frank, the country’s leading property consultant for hotel real estate investments, revealed that Metro Manila – specifically the Bay Area, BGC and Makati – will account for most of the anticipated launches.
Half of the 8,000 rooms in the pipeline in the metropolis between 2018 and 2021 are expected to open this year, adding to a growing list of brands already in Manila, such as Grand Hyatt, Conrad, Marriott, Fairmont and Raffles.
Global brands are also looking for growth areas outside the capital, with major international hotel groups such as Marriott International, IHG, Hyatt, Accor, Hilton and Dusit International looking to plant their flags in rising tourism destinations and cities such as Clark, Baguio, Davao, La Union, Batangas and Iloilo City.
Additionally, local groups are banking on the growing leisure, business travel and MICE (meetings, incentive travel, conferences and event) market.
“While the new hotels address the accommodation supply gap in the market, they are also key in generating new demand as big hotel brands promote Philippine cities internationally and integrated resorts such as Okada, Solaire, City of Dreams, Resorts World Manila and the upcoming Westside City Resorts World make Manila the Las Vegas of Asia,” Rick Santos, Chairman and CEO of Santos Knight Frank, said.