SM bets P15-B on hotels, MICE for growth
Last year, SM hotels posted a 67 percent occupancy rate, a 2-percentage-point increase from the year before.
Photo courtesy of SM Hotels
Daily TribuneLast year, SM hotels posted a 67 percent occupancy rate, a 2-percentage-point increase from the year before.
Photo courtesy of SM Hotels
SM Hotels and Convention Corp. (SMHCC), a unit of SM Prime Holdings Inc., is doubling down on its hospitality and MICE (Meetings, Incentives, Conferences, and Exhibitions) expansion with a five-year plan backed by a P15 billion investment.
The company told the stock exchange on Wednesday that the capital will fund the development of eight new hotels and two convention centers in key destinations, adding over 1,500 guestrooms to its portfolio.
Additionally, the budget will also support the construction of new function rooms, additional food and beverage outlets, and renovations at Taal Vista, Pico Sands Hotel, and Park Inn by Radisson Davao.
“The rise in hotel stays and event bookings signals a vibrant rebound for the hospitality and MICE sectors,” SMHCC Executive Vice President Peggy E. Angeles said.
Last year, SM Hotels posted a 67 percent occupancy rate, a 2-percentage-point increase from the year before. Its properties in the National Capital Region outperformed the industry, averaging a 71 percent occupancy rate compared to the 61 percent year-end industry average.
SMX Convention Centers also recorded a 15 percent rise in hosted events, drawing 6.3 million visitors. The company’s venues accommodated major trade shows, corporate events, and industry exhibitions, with many surpassing pre-pandemic levels.
SMHCC’s portfolio includes 10 hotels — spanning luxury (Conrad and Radisson Blu), leisure (Taal Vista, Pico Sands), and business (Park Inn and Lanson Place) brands — along with eight convention centers and trade halls under the SMX brand.