MJCI diversifies into hotel, resort development

MANILA, Philippines – Publicly-listed property and horse racing operator Manila Jockey Club Inc. (MJCI) is aggressively moving towards the hospitality and tourism sectors with plans to build two world-class hotels at a combined cost of P1.5 billion as well as acquire an 80-hectare beach resort in Negros Occidental.

In a mobile text message to The STAR, MJCI chief operating officer and executive vice-president Alfonso G. Reyno III said the company is spending P1 billion to develop a 250-room hotel within the PEZA-registered San Lazaro Tourism and Business Park in Sta. Cruz, Manila.

The site is part of the former race track, the San Lazaro Hippodrome, which has been redeveloped into a commercial, residential and leisure complex.

Reyno said the group, through unit MJC Investments Corp., is now in the final stages of discussions with a world-renowned hotel management company to manage the hotel which will start construction next year.

The hotel is designed to cater to the growing demand of tourists for an upscale but affordable hotel in the area.

The hotel project will also complement the ongoing joint venture projects of MJCI with property giant Ayala Land Inc. which include a residential and commercial complex, featuring a business process outsourcing (BPO) building which houses Convergys, a global leader in integrated billing, employee care, and customer care services provided through outsourcing or licensing.

Reyno said another P500 million is being earmarked for the construction of a 200-room hotel in Carmona, Cavite, where the company’s modern horse racing facilities are located and where an exclusive residential community known as Canyon Ranch has been developed through a joint venture with Century Communities Corp.

MJCI is also in talks to purchase the Mamburao beach resort in Negros Occidental and expects to reach an agreement by the end of the year, Reyno said.

The resort will serve as a gateway to the world-renowned Apo Reef and will include an assisted-living community that will cater to the international market due to its ideal location and tropical weather for retirees from all over the world.

Reyno said funding for its projects and acquisitions will come from a combination of debt and equity.