Conrad Manila is a five-star hotel overlooking Manila Bay and is one of the hotel properties owned by … More
SM Prime Holdings (the real estate division of SM Investments Corp of the billionaire SY family) has spent about Pesos ($179 million) over the next five years, expanding its hotel footprint in the Philippines amid the tourism boom.
Under the five-year growth plan, SM Prime said it will build seven new hotels with a total of 1,321 hotel rooms. It added that once the projects will be funded by internally generated cash, the project will be completed by the end of 2029, the group will have 17 hotels with a total of 3,923 rooms.
Six new hotels will be labeled as the Park Inn by Radisson, while one will be developed under Radisson. This expansion is part of SM Prime’s P50 billion investment announced in May – Bolsters SM Hotels Convention Corp.’s position in the mid- and high-end segments, while leveraging the synergy of SM Prime’s diversified shopping malls, office buildings, office buildings, hotels and conference facilities.
“This launch reflects our belief in the long-term potential of the Philippines’ domestic tourism and tourism market,” Peggy Angeles, Executive Vice President of SM Hotels, said in a statement released Tuesday. “We are building on the strength of the regional tourism industry while providing high-quality accommodation, thus enhancing the value of our ecosystem of shopping malls, event spaces and integrated use development.”
Just like in its shopping malls and residential projects, the new hotel will be developed outside of Metro Manila as SM Prime attempts to capitalize on the growing middle class in the provinces. Metro Manila only has one new SM hotel in Metro Manila, while the rest will be located in the main areas of Luzon and Cebu City in the central Philippines.
“Our hotels are a catalyst for local economic activity,” Angels said. “We focus on creating long-term value – strengthening the diversified income base of SM Prime through work, travel mobility and sustained growth.”
The SM team traces its roots to Henry Sy Sr., who sold super shoes in 1958 at a store in Manila, which he aptly called Shoemart. After his death in 2019, his six children – Teresita, Elizabeth, Henry Jr, Hans, Herbert and Harley, have given him his wealth. The family has a net worth of $13 billion, making it one of the wealthiest families in the Philippines. In addition to its real estate portfolio, SM Investments has an interest in banking, energy, retail, mining and transportation.
