GLOBAL-ESTATE Resorts, Inc. (GERI) projects to book P1.4 billion in rental and hotel income this year, as it opens 10,000 square meters (sq.m.) of new leasable spaces.
In a statement issued Thursday, the listed tourism estate and integrated lifestyle communities developer said this will be double the P651 million it generated from rental and hotel income in 2018.
The growth is expected to come mainly from Southwoods Office Towers in Laguna, which it completed in 2018. The company is also scheduled to open Alabang West Parade in Las Piñas City, Holland Park Retail in Laguna, Savoy Hotel Boracay’s retail area in Boracay Newcoast, and a land lease in Antipolo, Rizal this year.
“We expect another banner year for GERI as we see both leasing and hotel income to be the major drivers of our growth. Our residential sales remain strong, as we also expect new launches of residential properties in Twin Lakes and Boracay Newcoast this year,” GERI President Monica T. Salomon said in a statement.
Aside from the retail areas, GERI also expects its newly opened hotels to quadruple hotel income. It started operations of Savoy Hotel Boracay in Boracay Newcoast in 2017, offering 559 rooms and suites.
GERI also unveiled in 2018 the 126-room Twin Lakes Hotel in Laurel, Batangas.
“Through our hotel developments, we hope to contribute to the growth of the country’s booming tourism sector especially in key tourism destinations like Boracay and Tagaytay. Aside from just hotel rooms, we are also providing facilities for MICE (Meetings, Incentives, Conventions and Exhibitions) in these areas,” Ms. Salomon said.
GERI, which is a subsidiary of tycoon Andrew L. Tan’s property firm Megaworld Corp., grew its net income attributable to the parent by 41% to P477.47 million in the first quarter of 2019, following a 33% uptick in gross revenues to P1.87 billion.
Shares in GERI jumped 5.34% or seven centavos to close at P1.38 each at the stock exchange on Thursday. — Arra B. Francia