DM Consunji wins P4.9-B deal for Ayala Land hotel project

D.M. Consunji Inc., a subsidiary of DMCI Holdings Inc., has bagged a P4.9-billion contract to build the upscale Raffles Suites and Residences & Fairmont Hotel complex, a joint venture between Ayala Land Inc. and Dubai-based Kingdom Hotel Investments.

In a disclosure to the Philippine Stock Exchange, DMCI said the construction of the luxurious hotel complex located at the corner of Arnaiz and Makati Ave. in Makati City will be completed over a period of 30 months. The project was estimated to cost $153 million.

Situated on a 7,377-square meter property, the project comprises the 300-room Fairmont Hotel, a 30-suite Raffles Hotel and 189 Raffles-branded private residences.

Fairmont and Raffles represent two of the world’s biggest luxury hotel brands.

Kingdom Hotel is chaired by Saudi Prince Alwaleed bin Talal Abdulaziz Alsaud who owns majority of the company’s share-holding. It is an international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia and Africa. 

It has ownership interests in 29 properties in 20 countries including 22 operating hotels and resorts and seven hotels and resorts currently under construction or in the initial stages of development. 

Kingdom Hotel is listed on the Dubai International Financial Exchange and London Stock Exchange

Fairmont Raffles Hotels International Inc., on the other hand, is a global hotel company headquartered in Toronto, Canada.

The company owns and manages 120 hotels in 25 countries under four brands,

Fairmont Hotels & Resorts, Raffles Hotels & Resorts, Swissôtel Hotels

& Resorts and Delta Hotels as well as vacation ownership properties managed by Fairmont Heritage Place.

Makati continues to establish itself as the country’s leading central financial district and Kingdom Hotels aims to take advantage of the growing demand for luxury accommodation in the region.

Kingdom Hotel chief executive officer Sarmad Zok earlier said the project would “enable the company to generate attractive returns by combining a significant amount of branded residential development with premium hotel brands.”

Through its over 80 years of experience in real estate, Ayala Land has earned a reputation as the country’s leading real estate developer. It is primarily credited for the Makati central business district’s metamorphosis from grasslands back in the 1940s into the premier business district it is today.