Manila—(PHStocks)—Roxaco Land Corp., the property arm of Roxas and Co. Inc. (PSE: RCI), and Vanguard Hotels are looking at delivering at least 1,000 hotel rooms in two years in their joint venture to build affordable hotels in Metro Manila.
The venture, called Roxaco-Vanguard Hotel Corporation (RVHC), started work on its initial hotel, Go Hotel, Manila Airport Road, with the recent groundbreaking ceremony at the site, located near the Ninoy Aquino International Airport (NAIA) along Quirino Avenue in Paranaque City.
Roxas & Co. Chairman and President/CEO Pedro E. Roxas said Roxaco is optimistic that its venture with Vanguard Hotels will be able to complete the projects in two years. “Both parties are committed to completing the five hotel projects, which would deliver at least 1,000 hotel keys, within the two-year timeframe,” said Roxas.
Santiago R. Elizalde, Senior Vice President of Roxaco Land, said the venture is focused principally on strategic locations in Metro Manila. “We hope that our maiden hotel, which will be in Paranaque City, will be ready to cater to the room requirements of travelers, especially those that fly in and out of the Ninoy Aquino International Airport, by year-end 2014,” he said.
Vanguard Hotels Group CEO Bruce Musick said that other site announcements would be made shortly. “Several new locations for the initial five-hotel requirement are being considered now,” Musick said, adding that the second hotel to be built in North Edsa, Quezon City, will be the first of several in that general vicinity. “The second hotel will cater to those that come in and out through the North”, He said a third location is expected to be finalized in the next 30 days.