Trade and Industry Undersecretary Elmer C. Hernandez, who is also BoI managing head, said there is a need for new hotel facilities in the country in light of the booming tourism industry.

Hernandez stressed that the average hotel occupancy now in Metro Manila is at 85 percent because of several conferences happening at the same time.

Crowne Plaza, located along ADB Avenue in Pasig City and situated close to its existing Galleria Suites, is expected to start commercial operation in October this year with 115 employes. It will have a total of 265 guest rooms.

Under the guidelines for tourism project registration with the BoI, a tourist facility must have a project cost of $ 100 million per room for it to be granted pioneer incentives.

At present, Robinsons has three existing hotels including that of the Holiday Inn Galleria Manila, Cebu Midtown Hotel and Robinsons Apartelle.

The Gokongwei-project led the 33 projects worth P5 billion approved by the BoI as of March 10 this year.

RCL is the flagship real estate firm of the Gokongwei-led JG Summit Holdings Inc. It posted P1.2 billion in net profit last year, up 34 percent the previous year, while total revenues amounted to P5.08 billion.

With the company’s strong financial position, it is well positioned to benefit from the expected improved macro-economic fundamentals of the country.

RCL’s main revenue contributor remains its commercial centers division that includes existing malls.

Its strategy is to mix both commercial malls and hotel facilities.(BCM)