Hotel owners and operators on Tuesday highlighted the contribution of the accommodation industry to the Philippine economy, amounting to P250 billion in committed projects from 2023 and beyond 2024.
The Philippine Hotel Owners Association Inc. (PHOA), in collaboration with Leechiu Property Consultants, unveiled an existing inventory of 158 accommodation establishments with 40,084 rooms under development during the launch of the 2024 Philippines Accommodation Pipeline Report.
“We believe that if these [hotel] keys are actuated and built, these will create approximately 57,000 direct jobs in the hotel industry,” said Leechiu director for hotels, tourism and leisure Alfred Lay.
The pipeline projects are spread across different regions, with Luzon accounting for 50 percent of the developments, driven by economic activities in Manila and the Bay Area.
The Visayas, known for its leisure destinations, holds 42 percent of the projects, while Mindanao accounts for the remaining 8 percent.
The report indicates a positive outlook for the hotel industry, with potential for growth across the country.
Mindanao, in particular, is identified as an underserved market with opportunities for both local and international mid-scale hotel brands.
Metro Manila remains a key market with around 8,000 rooms in the pipeline. Cebu and Lapu-Lapu City combined also show promising growth with about 6,000 to 7,000 rooms under development.
Boracay, despite infrastructure challenges, continues to attract significant investment in hotel projects.
Lay said the expansion of hotel developments is not limited to major cities.
“Second and third-tier cities are also witnessing an increase in hotel projects, contributing to a more balanced and inclusive growth in the accommodation sector,” he said.
