“[T]he amount of the total project for the five hotels is projected… at P2 billion,” Roxas Co., Inc. said in a Dec. 6 disclosure.
Roxas Co. is the listed parent of Roxaco Land.
Last week, Roxaco Land and Vanguard Hotels signed a 50-50 joint venture to build a “minimum of five Go Hotels” in Metro Manila and select provinces.
Singapore-based Vanguard Hotels holds the franchise to build and operate the hotels.
The five hotels to be built will be added to branches earlier planned by Robinsons Land Corp. (RLC), owner of Go Hotels brand. RLC last October said it would open a Go Hotels branch in Ortigas business district in Pasig City with 198 rooms before yearend. It also plans to open a branch with 167 rooms in Iloilo City early next year and a 120-room hotel in Butuan City in the fourth quarter of 2014.
Launched in 2010, Go Hotels branches has a total of 700 rooms available in the six existing branches: EDSA-Mandaluyong; Otis-Manila; as well as the cities of Bacolod, Dumaguete, Puerto Princesa and Tacloban.
RLC’s net income stood at P4.54 billion in the nine months ending June, up 35.12% from P3.36 billion in the same period last year. In the same comparative periods, revenues jumped 23.02% to P12.40 billion from P10.08 billion, while cost of operations rose 26.48% to P6.21 billion from P4.91 billion.
Meanwhile, Roxas Co. recorded a P271.35-million net income in the nine months ending June, down 27.73% from P375.49 million in the same period last year. Revenues slid 31.29% to P4.04 billion from P5.88 billion, while cost of sales dropped 38.03% to P2.77 billion from P4.47 billion.
Shares of RLC gained 10 centavos or 0.49% to P20.60 apiece yesterday from P20.50 on Friday last week, while those of Roxas Co. were last traded last Dec. 5 at P5.48 apiece. — C. H. C. Venzon
P2 billion earmarked for new budget hotels
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