AYALALAND Hotels & Resorts Corp, a wholly owned subsidiary of Philippine-based Ayala Land, has completed its purchase of Fairmont Hotel and Raffles Suites & Residences Makati from Saudi-owned Kingdom Hotel Investments.
Scheduled to open in December within the Makati City CBD, the property will feature a 280-room Fairmont Hotel, a 32-suite Raffles Hotel, 237 luxury Raffles Residences as well as eight F&B outlets, two outdoor swimming pools, a spa and fitness centre and more than 1,100m2 of event space.
Scott Hetherington, CEO, Asia, Jones Lang LaSalle Hotels, said: “This transaction in the Philippines underpins the strength of investor appetite that exists for well-located, international-branded assets around the region.”
“The sale also signals the exceptional return opportunities available to investors in growth markets such as the Philippines, which enjoys a well-diversified and growing tourist base of high-spending travellers.”
