ALI takes over New World Makati
The hospitality arm of Ayala Land Inc. (ALI) has added New World Hotel Makati to its portfolio, further cementing its presence in one of Metro Manila’s central business districts.
ALI said in a statement on Monday AyalaLand Hospitality’s (ALH) takeover of the 500-key New World Hotel was part of a “larger thrust to sharpen its portfolio of properties” in Makati, where it has already built an empire of hotels and offices.
“The addition of New World Hotel Makati complements our existing portfolio and reinforces our commitment to serving evolving customer needs in one of the country’s most dynamic cities,” ALH president and CEO George Aquino said.
According to ALH, hotel operations will continue uninterrupted, and all current bookings will be honored to ensure a smooth transition.
The hotel was previously operated by New World Development Co. Ltd., a Hong Kong-based property firm that reported a net loss of $852.45 million in the first half of its fiscal year covering the July to December period.
New World still has 14 years of leasehold left on the land owned by ALI.
ALH will spend $500 million in the next five years to double its hotel room capacity to 8,000 rooms by the end of the decade. Funding will be a combination of debt and equity, Aquino earlier told reporters.
ALH, whose brands include Seda Hotel, El Nido Resorts, Huni and Lio, recently rebranded to focus its expansion on “authentic Filipino experiences” and capture more markets as the country anticipates a tourism boom.
ALI leasing and hospitality head Mariana Zobel de Ayala likewise noted they would prioritize expansion in the company’s existing estates, particularly those in Makati, Cebu, Batangas and Davao.
In the first quarter, ALI’s premium segment boosted its earnings by 10 percent to P6.9 billion.
Consolidated revenues also climbed by 6 percent to P43.6 billion, driven by higher bookings and leasing operations.
