Manny Pangilinan forays into hotel business with Dusit deal

Metro Manila (CNN Philippines, February 19) — Metro Pacific Investments Corporation (MPIC) has signed a ₱1.6-billion investment deal with Dusit International to manage hotels and condominiums in the country.

The conglomerate led by businessman Manny Pangilinan announced Wednesday its agreement with the Thai hotel chain to "develop and manage jointly" a number of hotel and residential properties.

For 2020, MPIC and Dusit will focus in putting up two hotels and three condominiums in Batangas, as well as upgrades to Dusit's existing properties. The partnership will be carried out through MPIC's new subsidiary, Metro Vantage Properties, Inc., for design, construction, and sales. Dusit Thani Philippines would take charge of the hospitality and tourism aspect of the business.

"We will seek to develop additional sites over time as demand grows for tourism and travel in the country," said Pangilinan, MPIC chairman.

Tourism has taken a beating in recent weeks due to the novel coronavirus outbreak, which has forced nations to impose travel bans to and from China where the disease originated. Foreign travel to Hong Kong and Macau has also been restricted for tourists.

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The deal would still have to secure approval from the Philippine Competition Commission.

MPIC has investments in roads, water distribution, power, hospitals, trains, and logistics. Among its subsidiaries are the Manila Electric Company, Maynilad Water Services, Inc., and Metro Pacific Tollways.

Shares at MPIC rose by 0.64 percent to ₱3.16 apiece on Wednesday afternoon.