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official press release
The Philippines' Hotel and Hospitality Industry shows great promise this year leading up to 2021.
Such is the forecast made by JLL, the country's leading property development advisor, as it releases their latest market research which shows the brisk effect on the hotel sector of tourist arrivals which climbed to 1.2 million visitors or 10.9% on the first two months of 2017 versus 2016. Making up the bulk of tourists in the Philippines are from South Korea, USA, China, Japan and Australia.
As of the first quarter of this year, 120 hotels with a total of 27,600 rooms are operating all over Metro Manila. To this number, 27 more hotels are expected to rise in NCR from now to 2021- adding more than 8,100 rooms. Of this number, Metro Manila remains the prime site for hotel developments.
Forecasted to be the leading haven for hotel construction in the next four years is Bay City with 2,700 rooms to be provided by Tryp by Wyndham, Hotel Okura Manila and Westin Manila Bayshore. Makati City follows with 1,600 rooms to be provided collectively by Valero Grand Suites, Seda Circuit Makati, Seda Gateway Makati, Mandarin Oriental Manila and Seda Ayala Center. Bonifacio Global City contributes 1,100 rooms on the back of the expansion of Seda Hotel and the rise of Grand Hyatt Manila. Rounding out the Top 6 most relevant areas for hotel development are Newport City with 1,200 rooms thru the planned Savoy Hotel, Hilton Manila, Sheraton Manila and expansion of Maxim's Hotel; Ortigas Center with 800 rooms thru Citadines Millenium, the Westin Manila Sonata Place and Novotel Suites Manila; and, Quezon City with 440 rooms via Seda Hotel Vertis North.
With the rise in demand for hotel rooms, the gaming industry has also come prepared to meet the needs of tourists.
According to JLL, casino developments are now in the offing with investments totaling approximately USD 6 billion. The last major mixed-use and casino development to be developed in the Entertainment City is the Westside City to be developed by Alliance Global Group and Genting HK, to add to the other three existing developments: Solaire by Bloomberry Resorts and Hotels Inc., City of Dreams Manila by Melco Crown Philippines, and the Manila Bay Resorts by Tiger Resort Leisure and Entertainment Inc.
Claro Cordero, JLL's Local Director and Head of Research, Consulting and Valuation averred: "The rise in tourism and the domino effect it has on the hotel and gaming industries are reflective of the Philippines' importance in the global arena. These developments are certain to enhance property values in various sites of Metro Manila which, ultimately, gives the country a strong footing as it races with its Asian neighbors as a highly valuable investment hub."
Claro dG. Cordero
Local Director and Head of Research, Consulting and Valuation
Marketing Communications Manager