POPULAR DIVING SITES IN THE PHILIPPINES
Why Do Business in the Philippines?
World Heritage Sites in the Philippines
Best Islands In The Philippines
September 24, 2017 5:09
Helping Philippine cities participate in a globalizing economy via eTrade and eTourism
Home The Cities eTrade eTourism Archive About Us Contact Us Photos
No Ads
Full Story
20 Sep 2007
SM group taps Accor to operate Cebu hotel
Philippine Cities Trade and Tourism Information Service Hotels
SM Investments Corp., the investment arm of retail tycoon Henry Sy, through its unit Hotel Investment Group, has signed an agreement with Accor of Europe to operate the conglomerate’s P2.8-billion, five-star hotel in Mactan, Cebu.

SM Investments Corp., the investment arm of retail tycoon Henry Sy, through its unit Hotel Investment Group, has signed an agreement with Accor of Europe to operate the conglomerate’s P2.8-billion, five-star hotel in Mactan, Cebu.

 SM Investments said in a disclosure to the stock exchange that it had signed a contract with Accor to operate its 400-room hotel, which will be branded as Sofitel.

Accor is the European leader in hotels and tourism and operates over 3,800 hotels with 450,000 rooms in 90 countries. Its hotel chains are known worldwide under the names Sofitel, Pullman, Novotel, Mercure, Suitehotel, and All Seasons, among others.

 

“We welcome this partnership with Accor to operate Sofitel Cebu as a major step in SM’s bid to invest in the Philippine hotel and tourism business,” said SM Hotel Investment Group senior vice president Merril Yu.

 

“It excites us to offer no less than a five-star facility in this region, which continues to be the one of the country’s major sources of exports and is a prime tourism destination for its many beaches, dive spots and other interesting sites.”

 

The hotel, which will start commercial operation by December 2008, has been designed by Wimberly Allison Tong and Goo, a global leader in design.

 SM Investments said funding for the project would come from internally generated cash and borrowings.

 

“Hotel Investment Group is positioned as a progressive development group that will optimize multiple investment vehicles in travel and tourism, and consequently, add value to the existing businesses of SM,” SM Investments said.

 

The group currently owns Vista Hotel in Tagaytay City, which is being expanded into a hotel with 260 rooms by November 2008 from the current 128 rooms. The P650-million expansion plan likewise add a 1,000-seater grand ballroom and six meeting rooms.

 

SM Investments last week signed an agreement with Microtel Inn and Suites, one of the fastest-growing franchise hotel brands in the Philippines and United States, to build a 150-room hotel inside the 60-hectare SM BayCity in Pasay. This is the first of two hotel projects being planned in SM Bay City.

 

SM Investments also plans to up a hotel in Hamilo Coast in Batangas and several boutique hotels in selected sites Luzon and Visayas.
By: Jennifer Austria, Manila Standard
Related Stories
2012-11-23  SAN PABLO  Laguna bags 2 Nat'l Gawad Saka 2012 Awards 
2012-11-23  ANTIPOLO  Antipolo invites more investors thru summit 
2012-11-23  TAGUIG  DOE assures of stable power supply in Visayas  
2012-11-16  MANILA  IMF chief lauds Phl's economic policies  
2012-11-15  Philippine Cities Trade and Tourism Information Service  Philippine Consulate In HK Lauds CEBís Iloilo-HK Direct Service 
2012-11-15  Philippine Cities Trade and Tourism Information Service  Philippine Consulate In HK Lauds CEBís Iloilo-HK Direct Service 
2011-04-14  MAKATI  BOI-listed investments up 205% in Q1  
2011-03-22  MANILA  Exports in 2010 break all previous records 
2011-02-08  MAKATI  Philippines pushes for more Indian trade and investments 
2011-02-07  MAKATI  ASEAN trade link technology framework complete 

CORPORATE NEWS | Trade News | Tourism News
2012-11-27  TAGUIG  Philippine market one of top 3 JP Morgan picks for 2013 
2012-11-27  SAN FERNANDO PAMPANGA  Oldest mining firm moves to health services 
2012-11-16  Philippine Cities Trade and Tourism Information Service  Trademarks Online Filing System 
2012-11-16  Philippine Cities Trade and Tourism Information Service  P&G Plans $50-M Plant Expansion 
2011-03-22  PASIG  EEI profit soars 17% to P657 M 
2011-03-19  MAKATI  Wal-Mart renews interest in RP venture 
2011-03-19  PASIG  Foreign investors interested in opening 20 gohotels.ph branches 
2011-03-19  OLONGAPO  FVR to launch International School of Sustainable Tourism 
2011-02-12  MAKATI  DBP to issue up to $300-million bonds 
2011-02-08  MANILA  Climate change-ready crops developed 
PhilCTTIS Investments Promotions Center
2011-12-31  BUTUAN  Butuan City now considered new investment destination in Mindanao 
2011-03-19  BACOLOD  12 companies going big into organic food production 
2010-08-22  ILOILO  Diversify for more profit 
2010-08-21  LUCENA  Patronizing virgin coconut oil (VCO) 
2010-08-21  CEBU  Sectoral Profile Revenue Streams: HOME FURNISHING 
2010-08-05  CAGAYAN DE ORO  Opprtunities for Investments in Region X 
2010-08-01  MANILA  Opportunity in Business: CONSTRUCTION MATERIALS 
2008-06-01  MAKATI  Export Markets in Germany 
2008-01-12  ILOILO  Preserved Fruit & Vegetable Market: GREECE 
2008-01-12  Philippine Cities Trade and Tourism Information Service  Preserved Fruit & Vegetables Market: EU 
2007-11-04  BAGUIO  Preserved Fruit & Vegetable Market: FINLAND 
2007-11-04  VALENZUELA  Opportunity in Business: WEARABLES 
2007-11-01  QUEZON CITY  Opportunity in Business - Sectoral Profiles Revenue Streams - MOTOR VEHICLE PARTS & COMPONENTS 
2007-11-01  TAGUIG  Opportunities in URBAN FARMING 
2007-10-21  Philippine Cities Trade and Tourism Information Service  Opportunity in Business: GIFTWARE & HOLIDAY DECOR 
2007-10-21  DAGUPAN  Sectoral Profile Revenue Streams: Marine Products 
2007-10-21  DAVAO  Opportunity in Business: ORGANIC & NATURAL PRODUCTS 
2007-10-21  OLONGAPO  Opportunity in Business: ELECTRONICS 
2007-10-21  DAVAO  Opportunity in Business: FOOD 

eTrade Contacts
Major ProductsLocation Of SuppliersExport Markets
Trade FairsForeign Buyers GuideEmbassies
Trade Related Government Regulations & PoliciesCalendar Of EventsGovernment Offices Directory
General Info

eTourism Contacts
MuseumsHotelsResorts
HospitalsCity FestivalsEmergency Numbers
Tourist OperatorsTourist AttractionsSpecial Areas Of Interest
Accredited Travel AgenciesTourism Related Government Regulations & PoliciesUniversities
TransportationGovernment Tourism OfficesGeneral Info

Calendar of Events Contacts
Cultural Calendar

Cultural Calendar Contacts

eTrade Contacts


No Ads
   
Logos and trademarks are the property of their respective owners.
Philippine Cities Trade & Tourism Information Service (c) Copyright 2007, all rights reserved.