THE Sun Group of Companies (SGC) said on Wednesday that it plans to spend P8 billion to P9 billion in the next three to five years as part of expanding their footprint in the hotel and leisure business.
“We plan to build five more ‘Red Hotel’ branches within the next three to five years. The company also aims to build 12 to 15 branches for 99 Hotel within the same period,” SGC President Richard Lim said in a news briefing on July 26.
Lim added the company will be seeking the assistance of financial institutions to fund the expansion program.
“We are currently talking to three banks to help us in growing our presence in the leisure industry.”
At present Red Hotel has branches in North Edsa and the cities of Pasay and Caloocan. Lim said the company will put up additional Red Hotel units in Marikina City, Manila City’s Malate area and at Westpoint Street in Cubao, Quezon City. He added branches would soon open in Coron, Palawan and Cebu City.
Meanwhile, Lim added the company aims to expand its footprint in the budget-hotel segment by beefing up the 99 Hotel brand. At present 99 Hotel is operating in Quiapo, Caloocan and Cubao. Lim said SGC will focus the expansion of 99 Hotel in Metro Manila.
He said the company will continue to add more to its landbank by buying more properties. Lim added they recently acquired five lots in Quiapo, Manila, for lease of their warehouse facilities.
“We are looking for potential properties in Davao.”
According to Lim, the huge influx of Chinese investors in the country is the major driver on the growth of storage facilities in Metro Manila.