Travellers International Hotel Group said as of the end of December, it has spent PHP3.3 billion pesos ($74 million) from the PHP16.8 billion raised through a recent share sale on the Phase 2 expansion program of its Resorts World Manila property.
The Phase 2 expansion program includes the construction of the Marriott Grand
Ballroom with a planned seating capacity of up to 4,000, the construction of the Marriott West Wing, which will cater primarily to VIP guests and Marriott rewards members. It also includes related facilities, such as an underground parking lot, dining facilities and a golfer’s terrace.In total, PHP7 billion was allocated for the expansion plan.
The company said in a Philippine Stock Exchange filing that it has also spent PHP2.7 billion of the PHP9.5 billion allocated for its Phase 3 expansion program, which involves the expansion of Maxims Hotel, the addition of two new hotels to be managed by Hilton Hotel and Sheraton Hotel, and the construction of related facilities such as underground parking lots and a podium to house the gaming area and retail.
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