MPIC ties up with Dusit for hospitality venture
METRO Pacific Investments Corp. (MPIC) is venturing into the hospitality and real estate business starting with a P1.6-billion partnership with Thailand-based hotel firm Dusit International.
In a statement to the stock exchange, the listed conglomerate said it had signed an investment deal with Dusit yesterday for the joint development and management of hotels and condominiums in the Philippines.
The partnership will commence this year with the development of two hotels and three condominiums in MPIC’s properties in Batangas. Existing properties of Dusit in the Philippines will also be upgraded. READ MORE
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- We believe this recent venture will get MPIC moving forward – “MPIC and Dusit International Form P1.6 Billion Hospitality and Real Estate Venture” Metro Pacific Investments Corporation (“MPIC” or the “Company”) (PSE: MPI) today announced the signing of a P1.6 Billion investment agreement (the “Investment Agreement”) with hotel management and development firm Dusit International of Thailand (“Dusit”) to develop and manage jointly hospitality and residential properties in the Philippines. Starting this year, MPIC and Dusit will focus on the development of two hotels and three condominiums at sites long held by MPIC in Batangas, as well as upgrading Dusit’s existing properties in the Philippines. MPIC’s newest real estate, hospitality, and tourism subsidiary, Metro Vantage Properties, Inc. (MVPI) will lead the design, development, marketing and sales of the real estate properties, while Dusit Thani Philippines will oversee the hospitality and tourism side of the business. “We hope to play a significant role in changing the landscape of this thriving industry in the Philippines through our partnership with Dusit International, a company with over seven decades of experience in bringing hospitality all over the world,” said MPIC chairman Manuel V. Pangilinan. “We will seek to develop additional sites over time as demand grows for tourism and travel in the country,” he said. “This partnership comes at an ideal time as the tourism industry in the Philippines continues to expand. This is an opportunity for us to demonstrate our expertise in bringing distinct Thai hospitality and MPIC’s place in the Philippine market to deliver unique hotel experiences fulfilling the needs of our guests,” said Dusit International Group Chief Executive Officer Suphajee Suthumpun. MPIC chairman Manuel V. Pangilinan went on to say, “MPIC’s fundamental goal is to seek investment opportunities that create value for our stakeholders and contribute to the inclusive and sustainable development of our country. With this endeavor, we will support the tourism industry by developing thoughtfully-designed properties offering unique leisure experiences to travelers.”
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