Travellers International Hotel Group Inc announced on the stock exchange that it has so far put aside about PHP10.86 billion ($236 million) of the proceeds from an initial public offering to fund the expansion of Resorts World Manila.
The company, which is engaged in principally the casino and hotel business, invested PHP2.05 billion in 15Q3 to expand the resort following a November 2013 IPO through which the company issued an additional 1,573,222,300 common shares generating net proceeds of P16.5 billion.
The second phase of the property, which includes the expansion of the Marriott Hotel Manila by an additional 227 rooms, is expected to be ready by 16Q1.
Phase three will see the expansion of the Maxims hotel and launch of two new hotels.
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