A South Korean businessman is reportedly spending $110 million to bring a Marriott Hotel to Clarkfield, Pampanga, a province in the Central Luzon region of the Philippines.
Daesik Han, president and CEO of Widus International Leisure, has signed a hotel-management agreement with Renaissance Hotels International Corp. Ltd., the firm that owns the Marriott chain of hotels.
Han said the facility called Marriott at Clark will break ground by May next year and will open its doors during the second or third quarter of 2018.
The hotel, expected to be the first five-star property in the central part of Luzon, will be built on a 3.2-hectare lot near to Widus Hotel and Casino, which Han also operates. The hotel .
“The $60 million will be our investment for the hotel and the rest of the $40 million to $50 million will be for recreation and entertainment facilities,” Han told the Business Mirror. He said the development is "just the first phase" of his investment in Marriott, but the next phases will depend on the political climate and how the government will be able to develop the Diosdado Macapagal International Airport in Clarkfield as a major hub of the country.
The next phase of investments are expected to run upward $300 million, as this will include expansion on the development.