Okada Manila eyeing Banyan Tree in new hotel across casino | Bilyonaryo Business News
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Okada Manila eyeing Banyan Tree in new hotel across casino

The Okada group is reportedly negotiating with Banyan Tree Holdings to put up a luxury hotel across its casino hotel in Paranaque City.

The Okada group is reportedly negotiating with Banyan Tree Holdings to put up a luxury hotel across its casino hotel in Paranaque City.

Two sources confirmed the ongoing negotiation between Okada and Banyan Tree which they said was still in the preliminary stage.

Eagle Landholdings, which is 40-percent owned by Okada’s parent Universal Entertainment, is planning to sell 3.7 hectares inside its 44-hectare property to accommodate the entry of a luxury hotel brand. The property is valued at P13 billion.

The Singapore-based leisure business group is a leading hotel brand in the world with 48 resorts and hotels, 64 spas, 74 retail galleries and three championship golf courses in 28 countries.

In 2009, Banyan Tree had planned to build a $200 million integrated resort on Isla Diwaran with bilyonaryo Buddy Zamora but it did not push through.

Okada Manila group’s hotel expansion was among the plans presented by Universal Entertainment president Jun Fujimoto when he met with President Rodrigo Duterte last December.

““Going forward, in addition to plans to develop condominiums and other forms of real estate, we also have plans to collaborate with businesses with which we expect to have a synergy and entice major brand hotels,” said Fujimoto.

Okada is expected to fully operate its 900 rooms in the first quarter of 2020 and the new hotel is meant to meet the anticipated surge in traffic.

 

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