MANILA, Philippines - Federal Land Inc., the property arm of tycoon George Ty, is spending $300 million to put up a mixed-use Grand Hyatt Hotel in Bonifacio Global City in Taguig City.
Federal Land president Arthur Ty told reporters that the 66-storey hotel will rise on a 1.5-hectare property owned by the Metrobank Group within the business district.
The first 6 floors of the hotel will house a podium, grand ballroom and meeting rooms, while the 8th to 30th floors will be reserved for Grade A corporate offices. Hotel rooms and amenities will be on the 31st floor all the way to the penthouse.
Grand Hyatt Hotel, Federal Land's second hotel project in the Philippines, will be completed by 2014.
In 2006, Federal Land opened the 329-room Marco Polo Hotel in Cebu City.
Federal Land is the real estate unit of the Metrobank Group of Companies. It has high-rise condominium projects in Makati City, Manila, Quezon City and Cebu.
The Hyatt Group, meanwhile, is a global hospitality firm that manages, franchises and owns Hyatt branded hotels, resorts and residences.