MANILA, Philippines — Waterfront Philippines Inc. is set to complete the reconstruction of Waterfront Manila Hotel and Casino late next year, with phase one activities to be finished this year.
Listed Acesite (Phils.) Hotel Corp., which is a 55.70-percent owned subsidiary of Waterfront Philippines, said it expects to complete the first phase of the reconstruction by the fourth quarter under the updated timeline for the project.
Phase one includes the public areas including the lobby, some food and beverage outlets and the casino area at the ground floor level up to the third floor.
Acesite said the company would focus its resources to the reconstruction and restoration of the podium and hotel building until its completion by next year.
The second phase of the project is targeted to be finished by the second quarter of 2025 while the third and final phase is eyed by the fourth quarter of next year.
Acesite said the two latter phases would be funded by the cash flows generated by the operations of first phase and bank borrowings when necessary.
Formerly known as Manila Pavilion Hotel, Waterfront Manila Hotel and Casino is located in United Nations Avenue corner Maria Orosa Street in Ermita, Manila.
In 2018, a fire broke out in the hotel property damaging the podium and hotel building and suspending its hotel operations.
Reconstruction and restoration of the podium and the hotel buildings commenced in the same year but the project completion has been extended due to some delays.