Yao to expand hotel business

MANILA, Philippines - The group of businessman and former Ambassador Alfredo Yao is going full swing with the expansion of their hospitality business as they expect tourism to further pick up in the coming years.

In an interview, Yao said he intends to bolster his hospitality group to capitalize on the expected wave of more tourists in the country.

Yao said the group would develop by next year a 150- to 200-room hotel in Baguio and a resort in Coron, Palawan to kick-off the group’s planned expansion.

“We’re expanding our hospitality business. Hospitality will be a new line for our business,” Yao said.

Yao said the Baguio and Palawan developments would be operated by Swiss hospitality firm Mövenpick Hotels & Resorts.

Mövenpick in August this year signed a deal to manage the Sol Marina Resort in Boracay of the Yao Group. The resort would soon be renamed Mövenpick Resort Boracay.

Yao is the founder of privately held beverage manufacturing firm Zest-O Corp.

Zest-O Corp. is currently putting up a manufacturing plant in Indonesia with a local partner to bolster the distribution of its products in Asean.

The Indonesia facility, which will be used for the production of both Zest-O products and the Indonesian brand, will be the Yao Group’s third manufacturing plant abroad following facilities in China and US.

The businessman also has two listed companies in the Philippine Stock Exchange, investment firm Macay Holdings and business unit Philippine Business Bank.