SM Hotels and Convention Corp. (SMHCC), a unit of Sy-led SM Prime Holdings Inc. (SMPHI), is investing almost ₱15 billion to support its five-year expansion program.

In a disclosure to the Philippine Stock Exchange, SM Prime said the expansion includes developing eight new hotels and two convention centers in key destinations in the country.

This will add more than 1,500 guestrooms in its current portfolio. SMHCC’s portfolio includes 10 hotels—spanning luxury (Conrad and Radisson Blu), leisure (Taal Vista and Pico Sands), and business (Park Inn and Lanson Place) brands—as well as eight convention centers and trade halls under the SMX brand.

Aside from its expansion plans, SMHCC is enhancing its competitive edge with new function rooms, additional food and beverage outlets, and room renovations at Taal Vista Hotel, Pico Sands Hotel, and Park Inn by Radisson Davao.

SMHCC recorded strong occupancy rates across its hotel and convention properties in 2024, driven by increasing demand for travel and meetings, incentives, conferences, and exhibitions (MICE).

“The rise in hotel stays and event bookings signals a vibrant rebound for the hospitality and MICE sectors,” said SMHCC Executive Vice President Peggy E. Angeles.

SM hotels achieved a 67-percent occupancy rate, marking a two-percentage-point increase from the previous year. Its properties in the National Capital Region outperformed the hospitality industry, averaging 71-percent occupancy, compared to the 61 percent year-end industry average.

SMX Convention Centers also saw a 15 percent rise in hosted events, drawing 6.3 million visitors in 2024.

The company’s halls and function rooms welcomed major trade shows, corporate events and industry exhibitions. Many of these events have returned to or surpassed pre-pandemic levels, reflecting strong recovery and sustained market interest.