More hotels and residential units carrying the Dusit brand will soon open in the Philippines with the signing of a P1.6-billion investment agreement between the Pangilinan-led Metro Pacific Investments Corporation (MPIC) and hotel management and development firm Dusit International of Thailand.
The agreement also covers the upgrading of Dusit’s existing properties in the Philippines, except those in Cebu.
MPIC vice president for corporate communications Melody M. Del Rosario said the partnership between Dusit and MPIC relates to new hotels and developments only.
Two properties with the Dusit brand in Cebu are not included, the Dusit Thani Mactan Cebu Resort of Robinsons Land Corporation and the planned Dusit Princess Hotel which will be part of Grand Tower Cebu that is under construction by the Gaisano-owned Grand Land Incorporated.
In a statement issued on February 19, 2020, MPIC said it will develop through subsidiary Metro Vantage Properties, Inc. two hotels and three condominiums in partnership with Dusit.
Among the project sites are properties long held by MPIC in Batangas. Dusit is behind the brands Dusit Thani, dusitD2, Dusit Princess and Dusit Devarana.
Metro Vantage will lead the design, development, marketing and sales of the real estate properties, while Dusit Thani Philippines will oversee the hospitality and tourism side of the business.
“We hope to play a significant role in changing the landscape of this thriving industry in the Philippines through our partnership with Dusit International, a company with over seven decades of experience in bringing hospitality all over the world,” MPIC chairman Manuel V. Pangilinan said in the statement.
“We will seek to develop additional sites over time as demand grows for tourism and travel in the country,” he added.
“This partnership comes at an ideal time as the tourism industry in the Philippines continues to expand. This is an opportunity for us to demonstrate our expertise in bringing distinct Thai hospitality and MPIC’s place in the Philippine market to deliver unique hotel experiences fulfilling the needs of our guests,” said Dusit International Group chief executive officer Suphajee Suthumpun.
The investment agreement is subject to certain specific performance conditions precedent, including the approval of the Philippine Competition Commission. (Ventures Cebu)
Comments