By Report, Reuters
Philippine property developer Robinsons Land said on Friday it was looking to expand its budget hotel business and use at least half of the USD$317 million it raised from a stock rights offer last month to buy more land for future development.
Frederick Go, Robinsons Land president, said at least ten company-owned budget hotels and 20 others under franchise would rise in the next five years nationwide.
The company, a unit of conglomerate JG Summit Holdings, opened last year its first 223-room Gohotel in the capital Manila, as it aimed to piggyback on tourism offerings by the group's airline Cebu Pacific, the country's largest budget carrier.
Go told reporters the company was looking to acquire more land for future developments, adding it was set to construct two more office buildings in the capital and a luxury hotel -- its fifth -- in the central Philippine province of Cebu.
Robinsons, builder of office and residential condominiums and operator of shopping malls, raised PHP13.65 billion Philippine pesos (USD$317 million) via a one-for-two rights issue last month.
Go said Robinsons was also waiting for the final rules on real estate investment trusts (REITs) to be issued by the government, but stressed it has no firm plans yet to offer REITs.
The company was previously looking to raise USD$1 billion via a REIT issue, a figure based on an old study, he said.
23 May 2011
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