SM Prime's hotel arm to spend P15B on expansion program

Sy family-led property giant SM Prime Holdings Inc.’s unit SM Hotels and Convention Corp. (SMHCC) saw double-digit growth in occupancy and foot traffic in 2024 amid a rise in demand for travel and MICE, or meetings, incentives, conferences, and exhibitions.

SMHCC also announced it is investing about P15 billion to support its five-year expansion program, which would include developing eight new hotels and two convention centers in key destinations in the country.

In a news release on Wednesday, SMHCC said its hotels segment saw a 67% occupancy rate in 2024, marking a two-percentage-point increase from the previous year.

SMHCC properties in the National Capital Region outperformed the hospitality industry, averaging 71% occupancy, compared to the 61% year-end industry average.

Meanwhile, SMHCC said its SMX Convention Centers saw a 15% rise in hosted events, drawing 6.3 million visitors in 2024.

“The rise in hotel stays and event bookings signals a vibrant rebound for the hospitality and MICE sectors,” said Peggy Angeles, executive vice president of SMHCC. 

SMHCC's current hotel portfolio includes Taal Vista Hotel, Radisson Blu Hotel in Cebu, Pico Sands Hotel in Hamilo Coast, Park Inn by Radisson in Davao, Park Inn by Radisson in Clark in Pampanga, Conrad Manila, Park Inn by Radisson in Iloilo, Park Inn by Radisson in North EDSA, Quezon City, Park Inn by Radisson Bacolod, and the Lanson Place in Mall of Asia Complex, Pasay City.

It also operates the SMX Convention Center. — VBL, GMA Integrated News