Push Admin

SM eyes expanding hotel portfolio as tourism industry grows

Article (news)

ABS-CBN News

The Sy-led SM Group is eyeing to continuously expand its hotel portfolio to cater to the rising demand as the tourism industry continues to grow, SM Hotels and Conventions Corp EVP Peggy Angeles said on Friday. Currently, SM Hotels has 9 hotels in its portfolio, which grow to 11 in the next 2 months, Angeles told ANC.&quot;The tourism industry is probably, as far as the Philippines, is concerned is still in its infancy stage... I think where it can be feasible and financially viable, that&#x27;s what we&#x27;re going,&quot; she said.From leisure-led tourism in 2023, market behavior has been shifting with an uptick in business travel, as well as in the Meeting, Incentives, Conferences and Exhibitions (MICE) category, she added.SM Hotels and Conventions Corp earlier said it was looking to spend around P15 billion to grow its Radisson Hotel Group portfolio with 14 new hotels by 2028.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/26/23/sm-eyes-14-new-hotels-under-radisson-brand-in-5-years">SM eyes 14 new hotels under Radisson brand in 5 years</a></li>	<li><a href="https://news.abs-cbn.com/business/02/20/23/sm-prime-2022-net-income-hits-p301-b-up-38-percent">SM Prime posts P30.1 billion net income in 2022; up 38 percent</a></li></ul>

The Sy-led SM Group is eyeing to continuously expand its hotel portfolio to cater to the rising demand as the tourism industry continues to grow. 