Just recently, Megaworld raised 3.6 billion from the block sale of some of its MREIT stakes. Fresh from the fundraising, Megaworld announced that it would open before the end of the year, the Philippines’ biggest hotel, Grand Westside Hotel.
Grand Westside Hotel is located inside Megaworld’s 31-hectare Westside City township in the bustling Entertainment City in Parañaque City. The hotel will be housed in a two-tower, 19-story building with 1,500 rooms. It will be just a short drive away from the Ninoy Aquino International Airport (NAIA) via the NAIA Expressway (NAIAX) and promises to delight guests with beautiful views of the world-famous Manila Bay sunset as well as the skylines of Makati, Manila, and Taguig City.
Megaworld knows its business. Based on the first quarter results of Megaworld, hotel operations showed promising improvements in profit margins. The gross profit margin for hotel operations in the first quarter of 2023 was 42%, an improvement from 38% in the same period a year ago.
Other industries show a contraction in gross profit margins; the hospitality industry is bucking the trend. Megaworld is riding the improving gross profit margin in the hotel industry. Aside from the Grand Westside Hotel, six more hotels are in the pipeline.
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