Listed Metro Pacific Investments Corp. (MPIC), controlled by the group of businessman Manuel Pangilinan, is investing P1.6 billion to develop the first hospitality and residential venture with hotel management firm Dusit International of Thailand.
In a report to the Philippine Stock Exchange on Wednesday, MPIC said it will develop two hotels and three condominiums in its properties in Batangas and upgrade Dusit’s existing properties in the Philippines.
“We hope to play a significant role in changing the landscape of this thriving industry in the Philippines through our partnership with Dusit International, a company with over seven decades of experience in bringing hospitality all over the world,” Pangilinan MPIC chairman, said.
Tourism industry support
“With this endeavor, we will support the tourism industry by developing thoughtfully-designed properties offering unique leisure experiences to travelers,” he added.
Meanwhile, Dusit International Group chief Executive Officer Suphajee Suthumpun said its partnership with MPIC is anticipated to cater to the country’s growing demand for tourism and travel.
“This partnership comes at an ideal time as the tourism industry in the Philippines continues to expand. This is an opportunity for us to demonstrate our expertise in bringing distinct Thai hospitality,” Suthumpun said.
MPIC’s newest real estate, hospitality and tourism subsidiary, Metro Vantage Properties Inc. will lead the design, development, marketing and sales of the real estate properties, while Dusit Thani Philippines will oversee the hospitality and tourism side of the business.
MPIC said the investment agreement, which takes into consideration currently restricted travel patterns, is subject to certain specific performance conditions including the approval of the Philippine Competition Commission.