ROBINSONS LAND CORP. (RLC) is expanding its hospitality business in tourism destinations with the development of a new Grand Summit hotel in Panglao, Bohol.
In a statement on Wednesday, Robinsons Hotels and Resorts (RHR), the hospitality unit of RLC, said Grand Summit Bohol will rise in Doljo, Panglao, around 20 minutes from the Bohol-Panglao International Airport.
The project is scheduled to break ground in the second quarter of 2026 and is scheduled to open in 2028.
The hotel will feature more than 200 guest rooms and suites on a 7,737-square-meter beachfront property.
The development will include dining outlets, a grand ballroom, meeting rooms, wellness and family amenities, and facilities for meetings, incentives, conferences and exhibitions (MICE).
“Grand Summit Bohol responds to what we see in Panglao: a need for branded upscale accommodations that international travelers and corporate groups can trust,” RLC President and Chief Executive Officer Mybelle V. Aragon-GoBio said.
The company said the project forms part of Robinsons Hotels and Resorts’ expansion strategy in leisure and business travel markets.
RHR currently operates 30 hotels and resorts with more than 5,000 room keys across 20 cities and municipalities nationwide.
By 2030, the company aims to expand to 37 properties with over 6,400 room keys.
Robinsons Land said the Panglao development is expected to support tourism activity in Bohol by attracting both leisure and corporate travelers.
The company also cited improving accessibility to Bohol through the expansion of the Bohol-Panglao International Airport and the increase in direct international flights.
In 2021, the company launched the first Grand Summit hotel in Lagao, General Santos.
Robinsons Hotels and Resorts operates hotel brands such as Summit Hotels & Resorts, Go Hotels, Go Hotels Plus, Grand Summit, FILI, NUSTAR Hotel Cebu, The Westin Manila, Dusit Thani Mactan Cebu, Holiday Inn & Suites Manila Galleria, and the IHG-managed Crowne Plaza Manila Galleria.
RCR Q1 PROFIT
Meanwhile, RL Commercial REIT, Inc. (RCR), the real estate investment trust of RLC, posted a 41% increase in first-quarter (Q1) net income to P2.40 billion, driven by higher revenues from asset infusions completed last year and sustained occupancy levels.
In a separate statement on Wednesday, the company said first-quarter revenues rose 51% to P3.40 billion, while occupancy across its portfolio remained at 96%.
“RCR’s inclusion in the Philippine Stock Exchange index (PSEi) is a testament to the company’s financial stability and strong market liquidity. We remain committed to providing sustainable returns to our stakeholders,” RCR President and Chief Executive Officer Jericho P. Go said.
Earlier this year, RCR was added to the PSEi, replacing Alliance Global Group, Inc. In the PSE MidCap Index, Alliance Global replaced RCR.
As of end-March, the company reported total assets of P169.51 billion and shareholders’ equity of P162.35 billion. It also said it had no outstanding debt.
RCR’s portfolio consists of 38 properties, including 21 malls and 17 office buildings across 25 locations nationwide.
The company said it continues to expand through asset infusions from sponsor Robinsons Land, which has a pipeline of more than 1.7 million square meters of gross leasable area and about 4,000 hotel room keys.
“RCR also remains open to acquiring third-party assets as part of its long-term growth strategy,” the company said.
As of April 30, RCR’s market capitalization stood at P135.08 billion based on a closing share price of P6.91.
On Wednesday, shares in RCR closed unchanged at P7 apiece. — Juliana Chloe A. Gonzales and Alexandria Grace C. Magno
