Property developer Ayala Land Inc. is redeveloping the part of the Ayala Center in Makati City into a mixed-use property, and is set to tear down an iconic hotel that has been the face of the central business district for decades in the process.
Ayala Land said it unveiled plans for a new commercial, mixed-use development that transforms the entrance of the Ayala Center into what it calls a “modern gateway” that has intermodal transport facility for the commuters.
In the process, however, the company is closing the InterContinental Manila and will stop its operations by the end of the year, after AyalaLand Hotels and Resorts Corp. (AHRC) and InterContinental Hotels Group (IHG) terminate their contract.
The hotel, designed by National Artist Leandro Locsin, opened on April 11, 1969, as part of the overall redevelopment plan for Makati. It was the second InterCon brand to open in Asia. The hotel’s contract has been extended several times.
The hotel is the second building designed by Locsin to be demolished in a span of less than two years.
The first was Mandarin Oriental Manila, which will be relocated to the part of Ayala Gardens.
“We thank InterContinental Hotels Group for the long and fruitful partnership that spans 46 years. It was one of the first developments that helped to establish Makati as a premier central business district, and this legacy will be upheld by the continuous enhancement of Makati,” Manny Blas, Ayala Land vice president and head of Operations for Makati, said.
The company said the regular employees of the hotel were first informed of the closure and were assured of “ample support and assistance.” “While we are sad to close the InterContinental Manila, we are thankful for the valued partnership with AHRC. IHG continues to manage AHRC’s other properties in the city, such as the Holiday Inn and Suites Makati. We remain focused on our growth in the Philippines and look forward to further opportunities with the group,” Leanne Harwood, vice president, operations-Southeast Asia, IHG said.
The Ayala Center redevelopment followed a 2009 facelift that saw the rise of Raffles Suites and Residences, Fairmont Hotel and Holiday Inn and Suites, and a number of other residential projects scheduled for development and completion.
This phase of redevelopment will include two new hotels, one being Ayala Land’s Seda Hotel, two office space towers, a convention center and a public-transit terminal that the company said is better linked to the MRT station and city buses.
Ayala Land announced last year that it will infuse an additional P65 billion more for the redevelopment of parts of Makati and will be spent over the next five years.
The company said the investment will be on top of the P60 billion that the company announced in 2012.
Ayala Center and transport hub will have a budget of P20 billion, Ayala Triangle at P15 billion, Circuit Makati at P20 billion, and City Gate at P10 billion.