8990 Holdings, Inc. is making its foray into the hospitality industry, saying it plans to spend over P5 billion to develop 3,000 hotel rooms in key tourist destinations.
In a disclosure, the listed property developer said its subsidiary 8990 Leisure and Resorts is looking at developing hotels in Cebu, Makati, Davao, Palawan, Boracay, Siquijor, Alabang, Manila, Iloilo, Legazpi, Clark, Lapu-lapu, Siargao, and Baguio in the next five years.
8990 Leisure and Resorts will introduce three hotel brands catering to different tourist segments. These are the Adama, a five-star luxury family resort; Kura, a luxury hotel; and Argo, an urban hotel.
“The Philippine leisure and hospitality industry is on an upswing with the current administration focusing on tourism development. The launch of 8990 Leisure and Resorts definitely comes at a perfect time,” said Willie J. Uy, president and chief executive officer of 8990 Holdings, in a statement.
For the first nine months of the year, 8990 Holdings saw a 38% increase in net income to P3.41 billion, driven by a 41% rise in revenues. — V.M.P.Galang