Alliance Global Group, the Philippines investment holding company that owns 50% of Resorts World Manila (RWM) operator Travellers International Hotel Group, has announced group-wide CAPEX of Php240 billion (US$4.4 billion) through 2020 to further the company’s expansion, including hotel and integrated resort operations.
Travellers is currently in the process of finalizing Phase 3 of RWM’s expansion program which will see the addition of a new Grand Wing casino and hotel brands Hilton, Sheraton and Okura. It is also completing its final designs for construction of its new integrated resort in Manila’s Entertainment City precinct.
The Php240 billion investment will include a range of development projects around the Philippines, construction of residential facilities and lifestyle malls, upgrades to Ninoy Aquino International Airport and more.
“We are mindful of the current domestic and global economic developments, but we remain cognizant of the vast opportunities in the market; hence, our continued aggressive capital spending,” said Alliance Global’s CEO Kevin Tan.
Among the group’s ambition is expansion of its hotel portfolio through Travellers and Megaworld to 12,000 keys in the coming years.
“The bulk of our planned capex will be funded internally, leaving only a small portion that will need bank financing. Be assured though that we will always maintain financial prudence and keep our gearing at reasonable level,” said Tan.
RelatedPosts
