Major hotel expansions
Travellers International Hotel Group will fund a major upgrade of its Resorts World Manila with proceeds from a 2013 initial public offering, according to the Asia Gaming Brief. The company announced that it has earmarked about PHP10.86 billion (US$236 million) for the expansion, which will add more than 220 hotel rooms to the Marriott Hotel Manila.
The rooms will be open by the first quarter of 2016. Phase III will include and expansion of the Maxim’s hotel and the addition of two new hotels.
The November 2013 IPO put some 1.5 trillion common shares on the market, generating net proceeds of P16.5 billion, reported AGB.
