SM Prime Holdings, Inc., the property holding firm of the country’s richest man Henry Sy, Sr., is expanding its lesiure and hospitality business, with focus on building more hotels catering to business travelers.
 
Elizabeth T. Sy, president of SM Hotels and Conventions Corp. (SMHCC), told reporters last Friday night the company opened the 150-room Park Inn by Radisson in Clark, Pampanga last Thursday.
 
Park Inn by Radisson Clark is the fifth hotel of SMHCC after Taal Vista Hotel in Tagaytay City, Radisson Hotel Cebu, Pico Sands at Pico de Loro in Tagaytay, and Park Inn by Radisson Davao.
 
SMHCC will start building more business hotels under the Park Inn by Radisson brand next year, Ms. Sy said.
 
SMHCC is launching the luxurious 350-room Conrad Hotel at the SM Mall of Asia Complex in Pasay City in the first quarter of 2016.
 
“That’s why were not doing it very fast. I want it be very stabilized because we are relatively new in the hotel business,” Ms. Sy said.
 
One-time trading gains and the expansion of its shopping mall and residential businesses lifted the net profit of SM Prime by 70% to P22.87 billion in the nine-month period from P13.81 billion a year ago.
 
SMHCC is part of SM Prime, which in turn is owned by SM Investments Corp., with core businesses in retail, banking and real estate. The family also has interests in gaming, geothermal energy and infrastructure.
 
Shares in SM Prime added five centavos or 0.24% to close at P21.20 each on Friday.