MANILA, June 18 (PNA) — Listed Travellers International Hotel Group, Inc. (TIHGI) has earmarked Php8 billion for capital expenditures this year, mostly to finance the further expansion of Resorts World Manila (RWM) and development of a new integrated tourism estate in Paranaque City.
In a press briefing after the company’s annual stockholders’ meeting on Thursday, TIHGI president and chief executive officer Kingson Sian said it has started the construction work on Phase 1 of the Bayshore City Resorts World, its second property located at Entertainment City in Paranaque City.
Sian said the project will be constructed in phases with its mall component expected to be completed by 2019 to 2020.
The 31-hectare Bayshore City Resorts World will complete the Philippine Amusement and Gaming Corp.’s (PAGCOR) Entertainment City comprised of four integrated resorts. Others include the Solaire Resort and Casino, the City of Dreams Manila and the Manila Bay Resorts.
Meanwhile, Sian said TIHGI is also embarking on the further expansion of Resorts World Manila (RWM) in a bid to increase its hotel capacity to around 4,200 rooms in the next four years from the existing 1,226 rooms.
He bared that RWM’s Phase 3 involves the ongoing construction of extension of Maxims Hotels and the development of new hotels — Hilton Manila Hotel and Sheraton Hotel Manila.
Sian said the two new hotels and the Maxims Hotel extension as well as additional retail space are expected to be completed in 2017.
He added the company will also start the construction in the next five years of a mall and a 1,000-room hotel which will comprise the phase 4 of the RWM. The mall is expected to be completed in 2017.
”The ongoing expansion complements the growth of Philippine tourism which remains bullish, with around 1.4 million international visitor arrivals for the first quarter of 2015,” he noted.
Sian further said that also part of the plan is to capture a significant share of the Meetings, Incentives, Conventions and Exhibitions (MICE) market with the recent opening of the Marriott Grand Ballroom (MGB), the largest hotel ballroom in the country with a capacity of 4,000 in a theater style set-up. (PNA)