SM HOTELS and Convention Corp. (SMHCC), the hospitality arm of listed real estate developer SM Prime Holdings, Inc., is expanding its portfolio with seven new hotel projects scheduled for completion by end-2029.
The new developments will add more than 1,300 rooms to SMHCC’s inventory, increasing its total room count to 3,923 from the current 2,602, SM Prime said in an e-mail statement on Tuesday.
The company expects 969 rooms to be delivered by 2028, bringing the SM property group’s hotel count to 17 from 10.
Six of the upcoming hotels will operate under the Park Inn by Radisson brand, while one will be developed under the Radisson brand, reinforcing SMHCC’s presence in the midscale and high-end segments.
The hotels will be located in Metro Manila, Calabarzon (two), Central Luzon, Cebu (two), and Laoag. The sites were selected based on tourism potential and integration with existing SM Prime assets.
“This rollout reflects our belief in the long-term potential of the Philippine domestic travel and tourism market,” SMHCC Executive Vice-President Peggy E. Angeles said.
“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,” she added.
SMHCC’s five-year expansion is backed by a P10-billion capital expenditure program, fully funded through internally generated cash flows.
“Our hotels serve as catalysts for local economic activity. We are focused on creating long-term value — through jobs, tourism flows and sustained growth that enhances SM Prime’s diversified revenue base,” Ms. Angeles said.
SMHCC’s current portfolio includes luxury hotels (Conrad Manila, Radisson Blu Hotel Cebu), leisure properties (Taal Vista, Pico Sands), and business hotels (Park Inn by Radisson, Lanson Place Mall of Asia).
SM Prime shares declined by 1.96% or P0.45 to close at P22.50 apiece on Tuesday. — Revin Mikhael D. Ochave