SM Hotels and Convention Corp. (SMHCC), a unit of property developer SM Prime Holdings Inc. (SMPHI), is investing up to P15 billion to expand its portfolio over the next five years.
Under the plan, SMHCC will establish eight new hotels and two convention centers in key destinations in the country.
This will add more than 1,500 hotel keys in its current portfolio, SMPH said in a disclosure to the stock exchange Wednesday.
SMPH said SMHCC is enhancing its competitive edge with new function rooms, additional food and beverage outlets and room renovations at Taal Vista, Pico Sands Hotel and Park Inn by Radisson Davao.
SMHCC’s portfolio includes 10 hotels including luxury (Conrad and Radisson Blu), leisure (Taal Vista, Pico Sands) and business (Park Inn and Lanson Place) brands as well as eight convention centers and trade halls under the SMX brand.
The company set an aggressive expansion plan amid strong occupancy rates across its hotel and convention properties on increasing demand for travel and MICE (meetings, incentives, conferences and exhibitions).
“The rise in hotel stays and event bookings signals a vibrant rebound for the hospitality and MICE sectors,” said Peggy Angeles, executive vice president of SMHCC.
SM hotels achieved a 67-percent occupancy rate, marking a 2-percentage-point increase from the previous year. Hotels located in National Capital Region outperformed the hospitality industry, with occupancy rate averaging 71 percent.
SMX Convention Centers also registered a 15-percent rise in hosted events, drawing 6.3 million visitors in 2024.
The company’s halls and function rooms hosted major trade shows, corporate events and industry exhibitions. Many of these events returned to or surpassed pre-pandemic levels, reflecting strong recovery and sustained market interest.
SMPH budgeted roughly P6 billion for its hospitality and convention center business this year.
SMPH earlier said it booked a record net income of P45.6 billion in 2024, up 14 percent from P40 billion in 2023.
