Billionaire Sy Family’s SM Prime Earmarks $179 Million To Expand Hotel Footprint Amid Travel Boom
International news
SM Prime Holdings—the real estate arm of the billionaire Sy family’s SM Investments Corp—is spending about 10 billion pesos ($179 million) to expand its hotel footprint across the Philippines over the next five years amid a tourism boom.
Under the five-year growth plan, SM Prime said it will build seven new hotels with a total of 1,321 hotel rooms. Once the projects, which will be funded by internally-generated cash, are completed by end-2029, the group will have 17 hotels with a total of 3,923 rooms, it added.
Six of the new hotels will be branded the Park Inn by Radisson, while one will be developed under Radisson. The expansion—which is part of the 500-billion-peso investment announced by SM Prime in May—bolsters SM Hotels Convention Corp.’s position in the midscale and high-end segments while leveraging synergies with the SM Prime’s diverse portfolio of shopping malls, office buildings, hotels and convention facilities.
By Jonathan Burgos