In an interview with newsmen, Gatchalian said that he has set aside P1 billion to acquire two hotel properties in Manila, specifically the bay area, and another in Davao in the next two years.
The P1-billion kitty also covers the recently opened G Hotel.
According to Gatchalian, he prefers to buy an existing property rather than construct a completely new facility.
Constructing a completely new facility, Gatchalian pointed out, takes time.
Gatchalian is expanding his hotel holdings to be able to take advantage of the tourism boom particularly from Asia.
Gatchalian recently opened his first boutique hotel — G Hotel.
Gatchalian’s Waterfront Philippines Inc. had recently announced that it would spend about P30 million on improvements in a newly leased boutique hotel in Manila and may open five similar hotels in other cities, aiming for the high-end market, company president Rexlon Gatchalian said.
Waterfront had leased and will manage the 50-room, 800-square meter G Hotel Manila, owned and designed by architect Gerry Contreras.
G Hotel Manila by Waterfront opened just last Nov. 16.
Waterfront may open five more G hotels in the cities of Cebu, Davao, Cagayan de Oro, Iloilo and Bacolod, Gatchalian said.
"This is an innovation we wanted to introduce to the market," he said. "There is a market now for small premium hotels catering to high-end travelers who want privacy and personalized service."
He said the 50-room G Hotel could generate revenues of P10 million a month.
There are plans to increase the rooms of G Hotel to 150 rooms.
G Hotel Manila will be under the corporate management group of Waterfront Hotels and Casinos.
Waterfront also operates the Manila Pavilion Hotel and Casino, Waterfront Cebu City Hotel and Casino, Waterfront Airport Hotel and Casino Mactan and Waterfront Insular Hotel Davao.