Megaworld to open 4 hotels in 2017

Megaworld Corp. plans to open at least four new hotels this year to widen its tourism-related operations.

It is set to open two hotels in the first half – the Marriott Courtyard Hotel in the Iloilo Business Park and the Savoy Hotel Boracay, the property developer said in an emailed statement.

The Savoy Newport Hotel in Newport City and Hotel Lucky Chinatown in Binondo, Manila are slated to open in the second semester of the year.

"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," Senior Vice President Kevin L. Tan said.

Megaworld shares opened at P3.97 apiece on Wednesday, up from P3.91 at the close of trading on Tuesday. — Jon Viktor Cabuenas/VS, GMA News