Megaworld Corp. (MEG) announced that it is set to open the 19-storey, two-tower Grand Westside Hotel in its 31-hectare Westside City township in Entertainment City, Paranaque. The company has notably committed to invest around P64-Bn to build its Westside City development. <\/p>\n\n\n\n
MEG highlighted that the first tower of the Grand Westside Hotel is set to be opened by end-2023, while the second tower is expected to welcome guests by 2024. Once operational, the 1,530-room hotel, which features a variety of room types and sizes, will be the biggest hotel development in the Philippines in terms of total room keys.<\/p>\n\n\n\n
Our View:<\/strong> MEG takes advantage of the strong recovery in travel and tourism by expanding its hotel portfolio. Notably, Grand Westside Hotel – which is the 19th hotel property launched by the company – is slated to become the biggest hotel property in MEG\u2019s portfolio. <\/p>\n\n\n\n With the Philippines booking a total of 3-Million international visitor arrivals for 1H 2023, exceeding the 2.65-Million international visitor arrivals recorded last year, growth prospects for the hospitality industry continue to look bright especially as restrictions ease globally and MICE activities resume. <\/p>\n\n\n\n To meet the anticipated surge in demand for hotels, MEG is focused on expanding its hotel portfolio with 5 hotel projects in its pipeline – equivalent to an additional 3,159 room keys. It is noteworthy, however, that in 1Q23, MEG\u2019s hotel segment ended with 4,713 room keys as it booked P813-Million in revenues (up 62%) – which was only around 4.93% of its consolidated revenues.<\/p>\n\n\n\n