Oct. 17–MEGAWORLD Corp. is set to build its fourth Belmont hotel within its 72-hectare Iloilo Business Park in Iloilo City's Mandurriao district to meet expected demand.
The Andrew Tan-led real estate developer told the Philippine Stock Exchange (PSE) on Tuesday that the hotel would rise 12 stories along the 1.1-kilometer Festive Walk Parade. It is due for completion in 2023.
The hotel will have 405 rooms, ranging from twin and junior suites to queen and executive suites, as well as specially-abled suites for persons with disabilities.
"We have seen the huge potential of Iloilo as a tourism destination. With the Iloilo Convention Center as a main facility for meetings, incentives, conventions and exhibitions, there is no doubt that Iloilo City needs another world-class hotel," Megaworld-Iloilo Vice President for Sales and Marketing Jennifer Palmeras-Fong said.
Once completed, the Belmont hotel will be the latest after Belmont Hotel Manila in Newport City in Pasay City that opened in 2015; and Mactan Belmont Luxury Hotel in the 30-hectare Mactan Newtown township in Lapu-Lapu City, Cebu province and Belmont Luxury Hotel Boracay in Boracay Newcoast, both set to open next year.
In Iloilo alone, Richmonde Hotel Iloilo and Courtyard by Mariott Iloilo already exist, but the latter is yet to open.
"We expect more tourists to come to our township as more establishments and attractions open in the coming months," Palmares-Fong said.
Her statement came a week after the listed property developer said it would construct a P500-million boutique hotel within its 34-hectare Upper East township in Bacolod City, Negros Occidental province, that is expected to open in 2022.
Megaworld shares climbed by 21 centavos to end at P4.41 apiece in line with the PSE index's 0.87-percent gain on Tuesday.
