DMCI secures contract to build Fairmont Hotel in Makati City

MANILA, Philippines - Construction firm DMCI, a unit of Consunji-led investment firm DMCI Holdings Inc., has been tapped to construct the Raffles Suites and Residences and Fairmont Hotel in Makati City. The subsidiary secured the P4.9-billion construction contract over a period of 30 months, DMCI Holdings said in a disclosure to the Philippine Stock Exchange (PSE). Raffles Suites and Fairmont Hotel are joint venture projects of Ayala Land Inc. and Saudi-based Kingdom Holdings Inc. Kingdom Holdings is an international hotel and resort acquisition and development company. It has ownership interests in 29 properties in 20 countries including 22 operating hotels and resorts and seven hotels and resorts currently under construction. - GMANews.TV