NEW P600-M HOTEL IN DOWNTOWN DAVAO
Davao City, Feb. 3, 1998 - The 242-room Royal Mandaya Hotel will soon rise in the middle of bustling downtown Davao City's business district.
Davao City's role as a business and tourism center in Mindanao and the East ASEAN Growth Area received a big boost with the P250-million loan syndication for the P600-million Royal Mandaya Hotel. The financing was arranged by All AsiaCapital, Asian Bank, Banco Davao and the Development Bank of the Philippines. Also expected to join is the Land Bank of the Philippines.
Roland Young, president and CEO of All AsiaCapital, said the project promises good investment returns in the midst of difficulties being experienced by other business sectors in the region.
The Royal Mandaya Hotel is establishing several "firsts" in Philippine business. It received the first locally-syndicated loan in Davao City, initiated by the local branches of the participating institutions. It is also the first being undertaken by a local entrepreneur, retired colonel Emiliano Escandor.
The 242-room, 10-storey Royal Mandaya Hotel rises from the Escandor family's old 22-room Kadayawan Inn. With highly-competitive 3-star room rates, the hotel's facilities are designed to cater to the rapidly growing number of ASEAN and local businessmen and visitors.
Travellers to Davao increased significantly after the opening of trade agreements between Davao and the East Asian countries of Malaysia, Indonesia, Brunei, Thailand and Australia.
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