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Wednesday, May 12, 2010

Stock News 2010: RLC builds 3 more budget hotels

Crowne Plaza Hotel in İzmir, TurkeyImage via WikipediaMANILA, Philippines - Robinsons Land Corp. is building three more budget hotels, located outside Metro Manila, in addition to its pilot site at the Robinsons Pioneer Cybergate complex in Mandaluyong City.
Slated for opening on May 19, Go Hotel-Pioneer will offer 225 rooms with sizes ranging from 16 square meters to 22 square meters each. Rates vary from P388 to P3,000.
In the pipeline are branches in Tacloban, Palawan and Dumaguete which are expected to be developed in the next three to five years.
The Palawan site is expected to have 80 to 100 rooms Go Hotels is the fifth hotel property of RLC next to the 285-room Crowne Plaza Galleria Manila, 263-room Holiday Inn Galleria Manila, 210-room Cebu Midtown Hotel and the 108-room Summit Ridge Hotel Tagaytay.
RLC president and chief operating officer Frederick Go earlier said the budget hotel was a good fit for lowcost carrier Cebu Air and a perfect choice of budget-conscious travellers.
In the fiscal year ending September 2009, RLC’s hotel division registered revenues of P1.04 billion or about 10 percent of total revenues.
Zinnia Dela Peña
May 12, 2010
http://www.philstar.com/Article.aspx?articleId=574376&publicationSubCategoryId=66
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