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News Real Estate Bacnotan puts P76 M in new hotel firm
News Real Estate Bacnotan puts P76 M in new hotel firm
| Bacnotan puts P76 M in new hotel firm |
| Saturday, 09 August 2008 04:45 | ||||||
 Bacnotan Consolidated Industries Inc. is investing P76.25 million in a new hotel company which will own and operate the Microtel Hotel at the Mall of Asia complex in Pasay City.In a disclosure to the Philippine Stock Exchange (PSE) yesterday, the firm said its board has approved the investment in 10 percent cumulative convertible preferred shares of Coral Way City Hotel Corporation. Coral Way will own and operate a 150-room Microtel Hotel at the SM Mall of Asia complex in Pasay City. The hotel will open by the first quarter of next year. Bacnotan president Ramon del Rosario said earlier that the Phinma group was still bullish about the prospects of the hospitality sector, with Microtel Inns & Suites (Pilipinas), Inc. planning to end this year with 10 budget hotels. He said Microtel has four upcoming projects in Cabanatuan, SM in Pasay City, Mactan and Palawan. There are currently Microtel Inns in Baguio, Tarlac, Batangas, Cavite, Boracay and Davao. Microtel is the Philippine master franchise holder of Microtel Inn & Suites, a US-based economy-hotel chain with more than 260 operating properties worldwide. The hotels cater to both local and international business and leisure travelers and provide consistently clean, safe and comfortable accommodations at very reasonable rates. Bacnotan is still awash with cash from the sale of its cement business in 2004 which it can use to invest in new businesses. It had already entered the education, property, mining and BPO sectors. The group’s exit from the cement industry in 2004 ended more than four decades in the business and marked the beginning of its foray into the services sector. However, Del Rosario noted that Phinma has always been in the services sector, primarily engaged in management services.
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