Submitted By mariebaut
Hotel and Leisure
Hotel room inventories in metro manila continue to increase annually with last year posting over 800 new units delivered. These hotels include acacia grove hotel (262 rooms) in alabang, f1 city center (240) in bonifacio global city and the recently completed remington hotel (300 units) in new port city. As of 2h 2011, overall hotel occupancy was at 65% while room rates for both five-star and four-star remain generally stable at us$255 to us$260 per night. Expectation on occupancy is to exceed 65% at the end of this year considering the increase in visitor arrivals particularly towards the holiday season
Investors are kept positive in their outlook on the hotel and leisure industry as key market scenarios had a favourable impact on the tourism sector last year. This includes the rise in business and leisure travel which was driven by competitive travel packages, discounted rates of different airlines and agencies, and heightened local tourism campaigns, over a backdrop of a generally stable economy. The latest government data shows that in the first eleven months of 2011, international arrivals reached 3,522,887 or a 12.6% increase over the same period a year ago, even topping the total arrivals of 3,520,471 recorded in the full year of 2010. Similarly, air passengers continued to increase by 14.1% to 14.03 million from January to September last year. As a result, hotel room inventories in Metro Manila continue to increase annually with last year posting over 800 new units delivered. These hotels include Acacia Grove Hotel (262 rooms) in Alabang, F1 City Center (240) in Bonifacio Global City and the recently completed Remington Hotel (300 units) in New Port City. Over 20 more hotel developments are expected to be completed in the…...