SM Prime (PSE:SMPH) hospitality arm, SM Hotels and Convention, plans to invest 5.3 billion Philippine pesos over five years.
The funds will be used to expand the company's meetings, incentives, conventions, exhibitions (MICE) operations, starting with major projects in Cebu and Pasay in the Philippines.
The SMX Convention Center Seaside Cebu, opening in the third quarter of 2026, will offer over 21,000 square meters of leasable space and integrate with SM Seaside Arena and Mall.
In Pasay, the 18,000-square-meter SMXCITE is set to open by the first quarter of 2027.
The initiatives are expected to drive strong growth in both cities and boost tourism, SM Prime said.
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