Megaworld eyes 12,000 hotel rooms by 2032

Listed property developer Megaworld Corp. is targeting nearly 12,000 rooms by 2032, with the opening of new hotel properties—including international branded hotels—in key tourism areas such as Ilocos Norte and Palawan.

The company established Megaworld Global Hotels and Resorts (MGHR) to focus on its hotel portfolio under two focused groups—Megaworld Hotels & Resorts (MHR), which will manage developments in Metro Manila, Boracay, Batangas, and Cebu; and Megaworld Global Hospital (MGH), which will handle global brands.

MGH's portfolio will include Mövenpick Manila Bay Westside, properties in Palawan, and three hotels in Iloilo: Courtyard by Marriott, Richmonde Hotel Iloilo, and Belmont Hotel Iloilo.

"To support this goal of helping boost our country's tourism, we are making this bold move of expanding our hospitality organization with established veterans and innovators in the global hotels and leisure industry," Megaworld president and chief executive officer Lourdes Gutierrez-Alfonso said in a statement.

This comes as Megaworld's hospitality business posted the company's fastest-growing recurring income segment in the first half of the year, up 11% in revenues to P3.1 billion.

"Through our expanding hospitality portfolio under Megaworld Global Hotels and Resorts, we want to help continue unlocking the immense tourism potential of the Philippines and bring more of our country's destinations, culture, and world-class Filipino hospitality to travelers from around the globe," said Kevin Tan, president and chief executive officer of Alliance Global Group Inc. (AGI), the parent company of Megaworld.

Shares in Megaworld last traded at P2.23 apiece, down 6 centavos or 2.62% from Tuesday's finish of P2.29, while AGI shares were down 10 centavos or 1.10% to P9.00 from P9.10. — VDV, GMA News