Megaworld says to open 4 hotels this year


Posted at Jan 11 2017 03:10 PM

MANILA - Megaworld Corp. said Wednesday it would open four hotels this year to boost tourism in its various developments across the country.

Three of the new hotels will open in Boracay, Binondo, and Pasay City under Megaworld’s local brands, the company told the stock exchange.

A new hotel under the Marriott international brand will also rise in Megaworld's township project in Iloilo City, it added.

“We see tourism as a potential driver of growth for Megaworld as we draw more people to our developments. Within the next three to five years, we hope to see a bigger slice of hotel earnings in our revenue pie as we open our new hotels,” said company senior vice president Kevin Tan.

Three more hotels under its portfolio are scheduled for completion within the next five years in various townships, the company said.

Megaworld shares were up 1.02 percent to P3.96 on Wednesday.