Philippine hotel operator Waterfront Philippines Inc said Thursday that it expects to complete phase one of the reconstruction of its Manila Pavilion Hotel in the fourth quarter of 2024 – almost three years later than originally planned.
The reconstruction of the venue, which is entitled to include a casino, comes after a major fire in March 2018 that claimed the lives of six PAGCOR employees. Faulty electrical wiring was blamed for the blaze.
In the years that followed, Waterfront Philippines Inc revealed plans for a three-phased reopening starting with the lobby, some food and drink outlets, the casino and four hotel floors to form part of Phase 1 and open in 1Q22. Phase 2, originally scheduled for completion by late 2022, and Phase 3 by early 2023, would include remaining hotel rooms, general amenities and other guest facilities, the company said.
It also outlined a long-term lease entered into between Acesite (Philippines) Hotel Corp, of which Waterfront Philippines owns 56%, and a “related party” holding a sublease contract with PAGCOR for the operation of the casino.
In a Thursday filing, Acesite revealed a new timeline for completion of the hotel’s reconstruction, with Phase 1 due to open in 4Q24, followed by Phase 2 in 2Q25 and Phase 3 by 4Q25.
The company referenced a 2021 news report in explaining the delay, which had read, “The plan for phased opening of the site was ‘based on management’s assumption that the travel and hospitality sectors, which are currently depressed due to the … COVID-19 pandemic, will return to pre-pandemic levels starting 2023, given that the vaccination programme of the government will take until the end of 2022 to roll out completely’.”
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