Philippines largest hotel and US1 billion casino complex to open this year

Lea Hogg 10 months ago
Philippines largest hotel and US1 billion casino complex to open this year

Real estate developer Megaworld is set to unveil the largest integrated hotel and casino resort complex in the Philippines this year. The Grand Westside Hotel, an impressive 19-story, two-tower structure, will be situated within the sprawling Westside City development, located in Manila’s Entertainment City. With a total of 1,530 rooms, the first tower is scheduled to welcome guests before the end of this year while the second tower will open its doors in 2024. This ambitious project is part of the 31-hectare Westside City complex in Parañaque, which will also be home to a US$1 billion casino-hotel being developed by LET Group subsidiary Suntrust Resort Holdings.

As part of the integrated resort plan, the LET Group signed a co-development agreement in 2020, joining hands with both Suntrust, Westside City Resorts World Inc. and Travellers International. According to the agreement, Westside City and Travellers have leased the designated project site to Suntrust, enabling the development of the main hotel casino.

Suntrust Resort Holdings is backed by Chinabank

Back in 2019, Suntrust Resorts Holding Inc, a co-developer of the casino complex in Manila Bayshore Integrated City in Paranaque, Manila, entered into a co-development agreement with Westside City Resorts World Inc. to finance the construction of the casino.

In an official disclosure, Suntrust, the Philippine arm of Hong Kong’s LET Group, confirmed that this agreement encompasses an omnibus loan and security arrangement involving the bank and other relevant parties. The components of the agreement include a loan facility agreement, mortgage agreement, security agreement, suretyship agreement, and project accounts agreement.

The authorized signatories for this transaction are the company’s chairman, Lo Kai Bong, and president, Chua Ming Huat.

It’s worth noting that Westside City Resorts World Inc. is a subsidiary of Travellers International, a partnership between Alliance Global Group (headed by Andrew Tan) and Hong Kong’s Genting Group, a notable casino and cruise ship operator. In recent developments, Alliance Global has decided to acquire the 40 percent stake held by Genting in Travellers, consolidating its position in the venture.

Background: Suntrust secured a substantial P25-billion loan(US $457,697,342) from China Banking Corp. The funds will support the development of the casino project within the complex.With this substantial loan from Chinabank, Suntrust Resort Holdings Inc. has taken a significant step towards making the Westside casino a reality, contributing to the ongoing growth of the thriving Entertainment City complex. As the targeted opening date approaches, anticipation builds within the gaming and hospitality industry, eager to witness the completion of this ambitious casino project in the heart of Manila.

Integrated Casino Resorts are redefining the hospitality industry in the Philippines

Strategically positioned, the hotel is conveniently accessible from the Ninoy Aquino International Airport via the NAIA Expressway, making it a convenient option for both domestic and international travelers. Apart from its accessibility, the hotel boasts stunning views of Manila Bay, as well as captivating views of the Makati, Manila, and Taguig City skylines.

The Grand Westside Hotel offers more than just expansive accommodation. Its amenities and offerings are set to impress guests. On the second level, a sprawling retail and commercial space covering 1,995 square meters awaits, offering visitors a delightful shopping and leisure experience. The fifth floor, on the other hand, will feature ample open spaces, including a generous pool area overlooking Manila Bay, a children’s pool, a serene Zen garden, and outdoor seating areas. Inside the hotel, guests will find an array of facilities catering to their needs. Four function rooms provide ample space for events and gatherings. A well-equipped fitness gym and massage rooms offer relaxation and wellness options for guests seeking rejuvenation. Moreover, four dining outlets ensure a diverse culinary experience for visitors. The hotel also boasts an exclusive Executive Lounge, reserved for VIP guests, providing them with an elevated level of comfort and service. The jewel in the crown is the casino with US $1 billion investment.

As the Grand Westside Hotel nears its opening date, anticipation grows among tourists and business travelers alike, eager to experience the lavish amenities and unparalleled views it promises. Megaworld’s endeavor is set to redefine the country’s hospitality industry, positioning the Philippines as a destination of choice for both leisure, gaming and business travelers seeking world-class accommodation and services.

 

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