LISTED holding company Metro Pacific Investments Corporation (MPIC) announced Wednesday, February 19, that it has partnered with Dusit International of Thailand for the development of two hotels and three condominiums in the Philippines.
MPIC, which is led by chairman Manuel V. Pangilinan, signed a P1.6-billion investment agreement with Dusit, a hotel management and development firm.
In a statement Wednesday, MPIC said its subsidiary Metro Vantage Properties Inc. and Dusit will start the development of hospitality and residential projects this year.
These projects will rise on existing properties of MPIC in Batangas province in Central Luzon.
Metro Vantage 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.
The agreement will also cover the upgrading of existing Dusit properties in the country.
Melody Del Rosario, MPIC vice president for corporate communications, clarified that "the partnership between Dusit and MPIC relates to new hotels and developments only."
Dusit currently manages the Dusit Thani Mactan Cebu Resort, a luxury resort developed by Robinsons Land Corporation in Punta Engaño on Mactan Island.
Dusit has also signed a contract with the Gaisano family's Grand Land Inc. for the management of the planned Dusit Princess Hotel as part of the Grand Tower Cebu at the Cebu City north reclamation area.
Pangilinan, for his part, said the joint venture will "seek to develop additional sites over time as demand grows for tourism and travel in the country".
“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 said.
“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 and MPIC’s place in the Philippine market to deliver unique hotel experiences fulfilling the needs of our guests,” said Dusit International Group chief executive officer Suphajee Suthumpun.
The agreement is subject to certain specific performance conditions precedent, including the approval of the Philippine Competition Commission. (MVI/SunStar Philippines)