A subsidiary company of Megaworld is going to spend P10 billion to build hotels in Boracay and Tagaytay. Global-Estate Resorts Inc. (GERI) will build four of the five within Boracay Newcoast. The move is set to take advantage of the ongoing upgrade of the Godofredo Ramos Airport which is expected to cause a spike in tourism. Megaworld senior vice president Jericho Go believes that the airport in Caticlan will boost tourism in the island. Go said that the P10 billion fund will be raised internally.
The other hotel will be on Twin Lakes in Tagaytay and will offer a panoramic view of the Taal lake.
“With our new hotels, we hope to accommodate at least 700,000 tourists yearly in Boracay and Tagaytay,” said GERI president Monica Salomon in her report during the company’s stockholder meeting. Salomon added that their target is to get 20 to 30 percent share of the tourism market when the hotels are up and running.
