Archive | October, 2011

Developer Plans to Establish Five-Star Filipino Hotel Chain

14 Oct

A DEVELOPER is looking to set up the country’s first, homegrown, five-star hotel chain, starting with a project in Muntinlupa City.

CHMI Hotels and Residences, Inc., the hotel arm of housing developer Corporate Holdings Management, Inc. (CHMI), said it plans to open Acacia Hotel Manila by the first quarter of 2012.

The 17-storey, 262-room Acacia Hotel in the so-called Filinvest Corporate City will target businessmen and multinationals already in the area, Acacia Hotel Manila General Manager Ramon E. Martinez said in an interview.

“We will build up our momentum this year to around 60% occupancy so by mid-2012, we can confidently say we can achieve a target of about 95% to maximum occupancy,” Mr. Martinez said.

Beyond this, the firm is already eyeing expansion.

“We plan to build our second hotel within a year. We have been in the industry for more than 25 years — in investment banking first — but we are also into housing, and hotels are not far from housing,” said Cheryl R. Chua, the group’s president and chief executive officer.

Future expansion will first take place in Muntinlupa City, and may follow in the Calabarzon region after, Ms. Chua said.

Outside Luzon, CHMI is eyeing Cebu as a potential hotel site, she added.

“The south is slowly emerging as a prominent business district, and proving to be very accessible as well. Our target market is slowly building here too,” she said, declining to state a profit guidance for the hotel until it has further established operations.

The launch of the firm’s first hotel comes in line with projections of higher hotel room units this year. Colliers International estimates Metro Manila hotel rooms to grow by 32.92% to 969 units this year.

CHMI, the parent firm of CHMI Hotels and Residences, was incorporated in November 1984. The company entered real estate in 1987 and has developed over 5,500 units inMetro ManilaLagunaBatangas and Tacloban City, according to its Web site.

Source: Hotels Tacloban