Megaworld to build Courtyard by Marriott hotel in Iloilo

MANILA, Philippines - A Courtyard by Marriott Hotel will soon rise in Iloilo City.

Megaworld Corp. is allocating P1.5-billion to build the Courtyard by Marriott Hotel in the 72-hectare Iloilo Business Park.

"This is the first Courtyard by Marriott hotel in the Philippines. We are happy and very excited that our fastest-growing brand in the Marriott group will rise in Iloilo Business Park," said Peter Gassner, Director, Hotel Development Asia-Pacific, Marriott International, Inc.

Courtyard by Marriott is one of the world-class brands under Marriott International. The 15-storey contemporary hotel will have 314 spacious rooms and suites.

"This is another milestone for Iloilo Business Park. Our development in Iloilo is a showcase of our company’s commitment to uplifting the Ilonggo lifestyle to a whole new level... The quality of service of Courtyard by Marriott is legendary and will help to lift the level of accommodation and leisure in Iloilo City," said Jericho Go, Megaworld first vice president.

The hotel will also have a lounge bar, meeting rooms, swimming pool with pool bar, outdoor bar and grill, state-of-the-art gym and business center.

"The Courtyard by Marriott Iloilo will also feature a restaurant which will serve high quality food that the Courtyard brand is also famous for, featuring a variety of international and local cuisines,” Gassner said.

Iloilo Business Park is Megaworld’s biggest township in Western Visayas, with luxury residential condominiums, BPO office towers, a Megaworld Lifestyle Mall, a 1.1-kilometer Festive Walk commercial strip, open parks, transport hub, and the much-anticipated Iloilo Convention Center, among others.

source: www.abs-cbnnews.com

Megaworld profit grows 15pct to P4.25-B in first half

MANILA, Philippines - Andrew Tan's Megaworld Corp. said its net income grew 15% to P4.25 billion in the first half of the year.

In a statement, Megaworld attributed the increase in profit to strong residential sales in its township projects such as Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City, as well as higher leasing income from its BPO and retail portfolio.

Total revenues reached P17.28 billion in the first half, 12% up from the previous year.

Megaworld, which includes subsidiaries Empire East Land Holdings and Suntrust Properties, reported P38 billion in reservation sales in the first six months of the year, 27% higher than a year ago.

"We see continued significant growth in the Philippine property sector, especially in the residential, commercial and office segments, due to these factors: strong macroeconomic fundamentals, the continued influx of OFW remittances and a strong consumer sector," Megaworld chairman and CEO Andrew Tan said.

Based on the first half performance, Tan said Megaworld is on track to hit the P70 billion target for reservation sales this year. Megaworld group has already launched 14 projects in the January to June period.

Megaworld said rental income from BPO office developments and lifestyle malls jumped 25% to P2.83 billion in the first half.

"We will continue to build more office developments and lifestyle malls to support the growing demands of the BPO industry and retail consumers.This will enable us to achieve another record year for our rental income in 2013," Tan said.

source: www.abs-cbnnews.com