Joey Bernardino, corporate director for Sales and Marketing at Waterfront Hotels and Casinos, said the group hopes to complete the renovation of its hotels this year to better serve the needs of its customers and to further establish its name as the largest Filipino-owned hotel chain in the country. Waterfront also owns the Waterfront Cebu City Hotel and Casino and Waterfront Mactan Airport Hotel and Casino.
The group has earmarked P150 million for the renovation of the 21-floor Manila Pavillion. The balance of P30 million will go to the improvement of the hotels in Cebu.
Bernardino said the group intends to regain the five-star rating of Manila Pavillion, now classified as a three-star hotel.
He said the Manila PavilLion has its own market niche, especially the high-roller Chinese, Japanese and Korean players.
Bernardino said the group is eyeing a 20 percent growth in sales this year, mainly coming from the Pavillion and its Cebu hotels. Waterfront acquired 75 percent of Acesite Philippines, then owner and operator of the Manila Pavillion. The Acesite stake was pledged as collateral in exchange for a $5 million loan granted by Equitable PCI Bank Inc. in 1988.
Equitable PCI transferred rights over the mortgaged shares to Waterfront in February 2003 in exchange for $2.06 million after Acesite’s shareholders failed to settle their loan with the bank.