SM Hotels and Convention Corp. (SMHCC), the hospitality subsidiary of SM Prime Holdings Inc., will add more than 1,300 hotel rooms to its national portfolio by 2029, marking a significant expansion of its footprint outside Metro Manila.
Seven new hotel projects will raise SMHCC’s hotel count from 10 to 17 and boost room inventory by 51%—from 2,602 to 3,923 rooms. Of the new supply, 969 rooms are set for completion by 2028, the company said in a disclosure.
SMHCC is allocating PHP10 billion for the five-year expansion plan, which will be fully funded through internally generated cash flow.
The strategy reflects SM Prime’s efforts to deepen its footprint in regional growth centers, with only one of the new hotels located in Metro Manila. The rest will rise in Calabarzon (2), Central Luzon (1), Cebu (2), and Laoag (1).
Six of the new properties will be branded under Park Inn by Radisson, while one will be developed under the Radisson brand. The rollout is designed to further strengthen SMHCC’s position in the midscale and upscale segments.
“This rollout reflects our belief in the long-term potential of the Philippine domestic travel and tourism market,” said SMHCC Executive Vice President Peggy Angeles. “We are building on the strength of regional tourism while delivering quality accommodations that enhance the value of our ecosystem of malls, events spaces and mixed-use developments.”
The new projects will complement SMHCC’s existing portfolio, which spans luxury (Conrad Manila, Radisson Blu Hotel Cebu), leisure (Taal Vista Hotel, Pico Sands Hotel), and business hotels (Park Inn by Radisson, Lanson Place Mall of Asia).
“Our hotels serve as catalysts for local economic activity,” Angeles added. “We are focused on creating long-term value—through jobs, tourism flows and sustained growth that enhances SM Prime’s diversified revenue base.”
Business News Asia