Tuesday, March 31, 2020

Dusit finds partner for Philippines hotels, residences

Feb 19. 2020
Dusit International group chief executive Suphajee Suthumpun
Dusit International group chief executive Suphajee Suthumpun
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Dusit International has signed an investment agreement with Filipino infrastructure holding company Metro Pacific Investments Corp (MPIC) to develop and manage hospitality and residential properties in the Philippines.

This joint investment is subject to approval from the Philippines Competition Commission, expected in June.

MPIC is a developer of power plants, toll roads, waterworks, light rail, and other infrastructure megaprojects in the Philippines.

The agreement with Dusit reflects MPIC's plans to invest in real estate projects comprising hotels and condominiums, for which it requires an experienced and trusted management partner.

Two new entities – MPIC’s real estate, hospitality and tourism subsidiary Metro Vantage Properties Inc and Dusit Philippines Corp – will together invest in Metro Dusit Inc (MDI) and Dusit Hospitality Management Corp (DHM).

MDI will develop the hotel and residential condominium projects while DHM will manage these and other projects developed in partnership with third-party business operators. DHM will also manage all of Dusit’s existing properties in the Philippines.

The partnership, initially worth Bt979.05 million, is in line with Dusit’s strategy for sustainable and profitable growth, which includes balance, expansion and diversification.

“While we recognise the novel coronavirus outbreak is currently impacting trade and business throughout Asia, our partnership with MPIC is a long-term investment scheduled to be in place at the end of the year, when we believe business as usual will be resumed,” said Dusit International group chief executive Suphajee Suthumpun.

“Last year more than eight million foreign tourists visited the Philippines and 111.4 million domestic tourists were recorded in 2018. Both of these figures are only expected to grow.”

“Through our partnership with Dusit International, a company with over seven decades of experience in delivering Thai-inspired gracious hospitality all over the world, we hope to play a significant role in changing the landscape of this thriving industry,” said MPIC chairman Manuel V Pangilinan.

Dusit International’s portfolio now features 307 properties (nine owned, 298 managed) under six brands in 14 countries.

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