SM Hotels and Convention Corp., a subsidiary of SM Prime Holdings Inc., has planned a P15-billion expansion in the wake of strong surge in occupancy rates across its hotels and convention centers in 2024, propelled by growing travel and MICE–Meetings, Incentives, Conferences, and Exhibitions–demand.
SM Hotels said its hotels achieved a 67 percent occupancy rate, reflecting a 2-percentage-point increase over the previous year. In the National Capital Region, its properties outperformed industry standards, achieving 71 percent occupancy compared to the 61 percent average across the sector.
Meanwhile, SMX Convention Centers hosted 15 percent more events, attracting 6.3 million visitors in 2024. These centers became hotspots for major trade shows, corporate gatherings, and industry exhibitions, many of which surpassed pre-pandemic levels.
To maintain its growth momentum, SM Hotels is committing nearly P15 billion to a five-year expansion plan, which includes developing eight new hotels and two convention centers in key locations. This expansion will increase its portfolio by more than 1,500 guestrooms.
Additionally, the company is upgrading its facilities with new function rooms, enhanced food and beverage offerings, and room renovations at select properties, including Taal Vista and Park Inn by Radisson Davao.
SM Hotel’s diverse portfolio spans luxury, leisure, and business hotels, as well as convention centers under the SMX brand, cementing its position as a major player in the hospitality and events sectors.
