$300 Million Grand Hyatt Hotel and Residences Announced in Manila, Philippines
- Nov 08, 2012
Manila, Philippines—Property developer Federal Land Inc. recently announced it has entered into a joint venture with Japan-based financial services group Orix Corp. to develop a $300 million mixed-use facility in Bonifacio Global City, Manila, Philippines.
The new two-tower upscale project, located in the residential, entertainment and business district of Fort Bonifacio Global City in Metro Manila, will feature a Grand Hyatt hotel and Grand Hyatt branded residences, following an agreement between the joint-venture company, Bonifacio Landmark Realty and Development Corp., and Hyatt Hotels Corporation.
“As the political, economic, social, and cultural center of the Philippines, Manila is attracting entrepreneurs and business owners that have an appetite for luxury brands and residences,” said Ratnesh Verma, senior vice president of real estate and development, Asia Pacific, Hyatt Hotels & Resorts. “Grand Hyatt Manila and Residences is a remarkable opportunity to expand the presence of the iconic Grand Hyatt brand in this rapidly growing Southeast Asia market.”
The Grand Hyatt Hotel and Residences complex will feature two towers that will share a common podium. The substructure, which was recently topped off, will feature around 433,000 square feet of saleable space for luxury amenities and high-end retail venues. The 66-story office and hotel tower will feature approximately 431,000 square feet of office space and the 438-room Grand Hyatt Manila, which will be located on the top 14 floors. Hotel amenities will include a spa, state-of-the-art business and meeting facilities, fitness center and swimming pool. The 45-story tower will feature 220 luxury Grand Hyatt-branded residences and will offer private access to the hotel’s amenities. The interior design of the hotel will be handled by Bilkey Llinas Design.
Wong + Ouyang and Ove Arup & Partners are the architect and engineer of the project, the companies having already collaborated on several other Hyatt projects such as Grand Hyatt Shanghai and Grand Hyatt Hong Kong. The Grand Hyatt Hotel and Residences is expected to open in 2015 and will be the center of the Veritown Fort master-planned development. Veritown Fort aims to house 11 residential projects, premier dining and upscale retail venues. The Federal Land and Orix Corporation have previously co-developed The Grand Midori Makati, a two-tower residential community along Legaspi Village in Makati City.
“This milestone is testament to a fruitful relationship between companies that share the same vision,” says Alfred V. Ty, Chairman of Bonifacio Landmark and President of Federal Land. “It also symbolizes the future of a modern Philippines.”
Grand Hyatt Manila and Residences, upon opening, will be the second Hyatt-branded hotel in the Philippines, joining Hyatt Hotel & Casino Manila.