Andrew Tan to open new hotel in Boracay
Global Estate Resorts Inc., the leisure estate developer of Megaworld Corp., is set to expand its presence in Boracay with the opening of a new hotel this year.
The Belmont Hotel Boracay, which will rise on the company’s Boracay New Coast, will offer around 450 rooms.
The opening of a new hotel in Boracay is in line with GERI’s effort to beef up the number of its townships and integrated lifestyle communities across the country.
GERI’s hotel operations saw strong growth in the first quarter, pumping in P171 million or an increase of 78% year on year. It already opened Savoy Hotel Boracay in Boracay Newcoast and Twin Lakes Hotel in Laurel, Batangas.
Residential sales went up 5% to P1.24 billion. GERI launched new residential projects in Twin Lakes and Southwoods City.