MANILA – Rizal Commercial Banking Corporation (RCBC), together with RCBC Capital Corporation acting as Lead Arranger, has extended a P1.5 billion loan to Red Planet Hotels to partially finance up to 5 new hotels, including 3 in Metro Manila that are currently under construction and scheduled for opening in early 2018.
The 3 properties are the 150-room Red Planet Manila Bay located across the U.S. Embassy in Ermita; 170-room Red Planet Binondo located within the Chinatown business district; and, the 167-room Red Planet Aurora Boulevard near the Araneta Center in Quezon City.
With the new openings, Red Planet will continue to solidify its position as the largest and fastest-growing value hotel chain, with 13 hotels in the Philippines, of which 9 are in Metro Manila. A further 5 hotels will be constructed which will grow Red Planet’s portfolio in the Philippines to 18 hotels by the end of 2018.
The latest 3 additions will feature the latest Red Planet Hotels standards–bright, modern and innovative, with a bank of Apple computers for free guest use, the “Info Wall” containing everything guests need to know about what is happening around the hotels, and the “Photo-me” screen enabling guests to take selfies to be shared on social media platforms. All rooms provide free high-speed Wi-Fi, power shower, quality custom made beds, and many other features including air conditioning, a workstation, a 40-inch flat screen TV among others.
RCBC has provided financing to Red Planet since 2013 for the construction of its 3 existing hotels – Davao, Ortigas, and Amorsolo-Makati.
During the signing ceremony recently, Red Planet chief financial officer, Yoshi Ikurumi, said “travel and tourism within the Philippines, for an increasingly mobile domestic market and international visitors, are showing phenomenal growth. The opening of these three hotels further consolidates Red Planet’s position as the value hotel leader in the country.”
Moreover, RCBC’s executive vice president, Michael de Jesus imparted, “RCBC is pleased to extend this loan to Red Planet Hotels. Indeed, we are encouraged by the positive dynamics of the travel and leisure sector in the Philippines and believe that the hotel chain Red Planet Hotels is well positioned benefit from the industry’s growth impetus.”
Red Planet has only been in the Philippines for 5 years with 10 hugely successful hotels operating, spread across the country.