Cushman & Wakefield report hospitality investments in Philippines to have increased five-folds in the first half of 2014.
Hitting a record high this year, hospitality investments in Philippines have gone up by 469.5 percent ($204.16 million) from $35.85 million in the first half of 2013, as per a Cushman & Wakefield report released last week. The investments even surpassed those made in all of 2012, amounting to $96.34 million.
According to the report, the country ranks 7th among the 16 Asia Pacific nations that were covered, namely, Singapore, Hong Kong, Tokyo, Bali, Seoul, Mumbai and New Delhi (India), Bangkok, Shanghai, Jakarta, Kuala Lumpur, Beijing, Ho Chi Minh City, Sydney, Melbourne, Perth and Brisbane.
The investments made in 2013, mostly for development projects in the region, was reported to be the highest in five years, with a bulk of it being directed towards China ($2.63 billion), Singapore ($2.63 billion) and Japan ($2.61 billion).
Till June this year, total investment volume of hospitality estates rose to $5.203 billion from $4.751 billion last year. China was considered the top destination for new hotel investments ($1.679-billion), followed by Japan ($881.74 million) and Australia ($654.27 million).
The total transaction volume in the Philippines’ hospitality investment market had jumped to $12.83 billion in 2013, as compared to $9.77 billion seen in 2012.
However, the global real estate consultancy firm expects the investments in hotels in the region to diminish by the end of 2014.