SOME 158 accommodation establishments valued at around P250 billion in private sector investment is being developed in the Philippines.
In the 2024 Philippine Accommodation Pipeline Report, Leechiu Property Consultant and the Philippine Hotel Owners Association (PHOA) said these projects are expected to generate about 57,000 direct jobs and add a total of 40,084 room keys to the current inventory in the country.
The report showed Luzon leading with 85 new accommodations and 20,116 room keys, dominating tourism center Visayas with its focus on business and urban properties.
The Visayas follows with 57 accommodations and 16,830 room keys, accounting for 42 percent of the pipeline.
While it has fewer developments than Luzon, the report said Visayas’ focus on leisure and resort tourism in destinations like Cebu, Bohol and Boracay drives significant growth, catering to the high demand from tourists.
Meanwhile, Mindanao, represents eight percent of the total with 16 new accommodations and 3,138 room keys in the pipeline.
“Although its current share is smaller, growth is expected as economic conditions continue on an upward trajectory. Further expansion is expected as developers seek growth markets especially for midscale and upscale properties,” the report read.
In the fourth quarter of 2024 alone, the Philippines is set to get at least 3,231 new keys.
The research also reported that independent hotels make up over 3,000 room keys while local brands, mainly from the country’s top developers, account to 50 percent of the total inventory.
The rest or 42 percent of the projects will be developed by international brands, translating to at least 16,798 keys.
“This balance underscores the Philippines’ growing attractiveness to global operators. International brands benefit from their global reach and standards, drawing interest from investors and travelers, while local brands excel with large-scale developments in master-planned communities,” the report said.
Leechiu Property Consultants said it anticipates notable growth in properties managed by international brands and an influx of global operators, driven by the Philippines’ vibrant tourism sector. (PNA)
