SM Hotels and Conventions Corp. (SMHCC) plans to invest PHP 15 billion ($270 million) to build 14 new hotels under the Radisson brand over the next five years.
The move aims to tap into the growing tourism sector and spending of Filipino consumers.
The deal, signed by SMHCC and Radisson Hotel Group, grants SMHCC the exclusive right to build and integrate Park Inn by Radisson hotels with SM property developments across the country.
Majority of the new hotels will be located outside Metro Manila, bringing economic activities to the provinces, including Isabela, Olongapo, Laoag, Dasmarinas, Sta. Rosa, and Fairview.
The partnership aims to have 20 Park Inn by Radisson hotels across the country by 2028.
The occupancy rates of SMHCC hotels have surpassed pre-pandemic levels, with 48% of the hotels under the group being Park Inn by Radisson brand.
With the increasing number of flights and the appetite of local and international travelers to go on trips, demand for quality accommodation is expected to rise.
Radisson Hotel Group CEO Federico Gonzáles sees untapped potentials for Radisson Hotel Groups in the Philippines, while senior vice president Andre de Jong expects the 14 new hotels to generate around 1,250 jobs for Filipinos, with an additional 2,500 rooms.
Full story was published by HotelNewsAsia.com.