Philippine billionaire to spend big

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Resort World Manila, part of Andrew Tan’s Alliance Global Group

Andrew Tan, a Filipino billionaire who engages in real estate, liquor and fast food, plans to spend $1.5 billion to triple his Alliance Global Group Inc.’s hotel rooms and become the nation’s largest hotel owner as the country lures more tourists, according to a report by Bloomberg.

The investments will be made in the next five to seven years as Manila-based Alliance’s units target to have more than 5,000 hotel rooms as early as 2017, the group’s President Kingson Sian told the news agency. The group is also developing tourism-related projects including two casino resorts, he said, adding that Alliance now has five hotels with 1,570 rooms.

Alliance joins developers including Ayala Land Inc. in building hotels and resorts as the government upgrades airports and roads in a bid to bring in more tourists and boost economic growth. The Philippine government predicts tourist arrivals to rise to 10 million by 2016, from a 4.5 million target this year.

The Philippines lags neighbours Singapore, Thailand and Indonesia in attracting tourists as poor infrastructure, lack of hotel rooms and political instability in the past have turned away prospective visitors, Sian said. The country drew 2.14 million tourists in the first half, trailing Malaysia’s 11.6 million of which 5.83 million were visitors from Singapore, Thailand’s 10.5 million, and Indonesia’s 3.87 million, according to government data.

 

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Reading Time: 1 minute

Resort World Manila, part of Andrew Tan’s Alliance Global Group

Andrew Tan, a Filipino billionaire who engages in real estate, liquor and fast food, plans to spend $1.5 billion to triple his Alliance Global Group Inc.’s hotel rooms and become the nation’s largest hotel owner as the country lures more tourists, according to a report by Bloomberg.

Reading Time: 1 minute

Resort World Manila, part of Andrew Tan’s Alliance Global Group

Andrew Tan, a Filipino billionaire who engages in real estate, liquor and fast food, plans to spend $1.5 billion to triple his Alliance Global Group Inc.’s hotel rooms and become the nation’s largest hotel owner as the country lures more tourists, according to a report by Bloomberg.

The investments will be made in the next five to seven years as Manila-based Alliance’s units target to have more than 5,000 hotel rooms as early as 2017, the group’s President Kingson Sian told the news agency. The group is also developing tourism-related projects including two casino resorts, he said, adding that Alliance now has five hotels with 1,570 rooms.

Alliance joins developers including Ayala Land Inc. in building hotels and resorts as the government upgrades airports and roads in a bid to bring in more tourists and boost economic growth. The Philippine government predicts tourist arrivals to rise to 10 million by 2016, from a 4.5 million target this year.

The Philippines lags neighbours Singapore, Thailand and Indonesia in attracting tourists as poor infrastructure, lack of hotel rooms and political instability in the past have turned away prospective visitors, Sian said. The country drew 2.14 million tourists in the first half, trailing Malaysia’s 11.6 million of which 5.83 million were visitors from Singapore, Thailand’s 10.5 million, and Indonesia’s 3.87 million, according to government data.

 

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