Prince Alwaleed's Manila hotels to open in Q2 2012

Saudi billionaire's company invested in $200m Philippines hotel and residential project in 2007
Prince Alwaleed's Manila hotels to open in Q2 2012
Prince Alwaleed
By Andy Sambidge
Sun 03 Apr 2011 08:14 PM

Two luxury hotels being built in The Philippines in a joint venture with Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud's Kingdom Hotel Investments (KHI) are set to open next year.

In a statement issued on Sunday, the Saudi billionaire's KHI said the properties were expected to start operations in the second quarter of 2012.

Saudi Arabia-based KHI invested in the $200m Manila project, which also includes residential units, in 2007.

The development will include a 300-room Fairmont Hotel, a 30-suite Raffles hotel and 189 Raffles branded residences.

The opening date was announced after Prince Alwaleed met Jejomar C Binay, vice president of the Philippines in Riyadh on Sunday.

The statement said 1,600 Philippine workers are involved in the construction of the project, adding that both hotels are expected to open in the second quarter of 2012.

Off-plan residential sales have achieved more than $75m to date with 75 percent of the units sold.

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