Latest news with #SMInvestments
Forbes
5 days ago
- Business
- Forbes
Billionaire Sy Family's SM Prime Earmarks $179 Million To Expand Hotel Footprint Amid Travel Boom
Conrad Manila, a five-star hotel overlooking Manila Bay, is one of the hospitality properties owned ... More by SM Prime. SM Prime Holdings—the real estate arm of the billionaire Sy family's SM Investments Corp—is spending about 10 billion pesos ($179 million) to expand its hotel footprint across the Philippines over the next five years amid a tourism boom. Under the five-year growth plan, SM Prime said it will build seven new hotels with a total of 1,321 hotel rooms. Once the projects, which will be funded by internally-generated cash, are completed by end-2029, the group will have 17 hotels with a total of 3,923 rooms, it added. Six of the new hotels will be branded the Park Inn by Radisson, while one will be developed under Radisson. The expansion—which is part of the 500-billion-peso investment announced by SM Prime in May—bolsters SM Hotels Convention Corp.'s position in the midscale and high-end segments while leveraging synergies with the SM Prime's diverse portfolio of shopping malls, office buildings, hotels and convention facilities. 'This rollout reflects our belief in the long-term potential of the Philippine domestic travel and tourism market,' Peggy Angeles, executive vice president of SM Hotels, said in a statement released on Tuesday. 'We are building on the strength of regional tourism while delivering quality accommodations that enhance the value of our ecosystem of malls, events spaces and mixed-use developments.' Just like in its shopping mall and residential projects, the new hotels will be developed outside of Metro Manila as SM Prime seeks to tap into the growing middle class in the provinces. Only one of the new SM hotels will be in Metro Manila, while the rest will be in various parts of the main island Luzon as well as Cebu City in central Philippines. 'Our hotels serve as catalysts for local economic activity,' Angeles said. 'We are focused on creating long-term value—through jobs, tourism flows and sustained growth that enhances SM Prime's diversified revenue base.' The SM group traces its roots to Henry Sy Sr., who sold overrun shoes in 1958 at a store in Manila he aptly called Shoemart. Following his death in 2019, his six children—Teresita, Elizabeth, Henry Jr, Hans, Herbert and Harley—inherited his fortune. With a net worth of $13 billion, the family is among the richest in the Philippines. Apart from its real estate portfolio, SM Investments has interests in banking, energy, retail, mining and shipping.
Yahoo
27-03-2025
- Business
- Yahoo
SM marks 20 years of growth and value creation
PASAY CITY, Philippines, March 27, 2025 /PRNewswire/ -- SM Investments Corporation (SM Investments) marked two decades of transformative growth as a publicly-listed company on the Philippine Stock Exchange. SM listed on March 22, 2005 with an adjusted price of PHP 123.27 per share. Compared to the March 21, 2025 closing price of PHP800 per share, shares of SM have grown by 549% in the last two decades. Over the course of 20 years, SM's assets grew by 900 percent, delivering a compounded annual growth of 12 percent. In his remarks during the anniversary ceremony, SM Investments President and Chief Executive Officer Frederic C. DyBuncio said the group's remarkable growth is a testament to SM's unwavering commitment to the Filipino people and the vision of its founder, Henry Sy, Sr. "Over the past two decades, we've consistently created value, delivering steady returns to our investors while expanding opportunities for our people and communities. This legacy of growth and value creation continues to drive us forward," Mr. DyBuncio said. SM believes its growth is rooted in strong governance and responsible practices with its board composition predominantly composed of independent directors, providing strategic guidance to the direction of the company. "We continue to invest in green infrastructure, embrace innovation, and support communities across the Philippines. At SM, we are focused on building a responsible, sustainable future for the generations to come," Mr. DyBuncio said. Creating Value for Philippine Investors for the Next 20 Years Looking ahead, Mr. DyBuncio said SM is focused on creating long-term value for investors. "The next 20 years will see SM continue to lead in retail, property, and banking, while expanding into new regions where growth is accelerating, especially in provincial areas," he said. SM Prime Holdings, Inc. is earmarking PHP100 billion this year for its malls, residences and hotels, driven by expectations of a sustained growth in consumer demand and corporate activity. SM Investments announced a USD 1 billion buyback program, the largest and first in its corporate history. "Our buyback program is a clear signal of our confidence in the future of both SM and the Philippine market. We believe in our country's potential and in the enduring value SM will continue to create for its shareholders," Mr. DyBuncio said. Looking Ahead: SM for All In 2024, SM expanded by an additional 619 retail stores, two malls and 73 bank branches, with over 85% of its footprint in the provinces. This brings SM's total footprint to 87 malls, 4,470 retail stores and 2,441 bank branches by end 2024. As SM expands, it continues to broaden access to different markets and enhance synergies across its businesses. "We will continue to expand opportunities for Filipinos, providing greater access to modern retail, banking and integrated property developments that will help foster community, innovation, and sustainability for the next generation," Mr. DyBuncio said. SM founder, Henry Sy believed that business growth and social progress go hand in hand. Guided by this principle, and through the SM Foundation, the group granted 6,619 college scholarships, built 110 school buildings, trained 32,359 farmers, served 1,314,118 patients through medical missions, and Improved 216 health and wellness centers to date. "As we look to the future, we remain focused on inclusivity and empowerment. Our brand promise, "We've got it all for you," has served us well for years. But as we move forward, we aim to build an SM for All, one that reaches and benefits every Filipino, ensuring that our growth is shared by all," he said. About SM Investments Corporation SM Investments Corporation is one of the leading Philippine companies that is invested in market-leading businesses in retail, banking, and property. It also invests in ventures that capture high growth opportunities in the emerging Philippine economy. SM's retail operations are the country's largest and most diversified, consisting of grocery stores, department stores and specialty retail stores. SM's property arm, SM Prime Holdings, Inc., is the largest integrated property developer in the Philippines with interests in malls, residences, offices, hotels, and convention centers as well as tourism-related property developments. SM's interests in banking are in BDO Unibank, Inc., the country's largest bank, and China Banking Corporation, the fourth largest private domestic bank. For more information, please visit View original content to download multimedia: SOURCE SM Investments Corporation Sign in to access your portfolio
