“There will be no name change, and no immediate renovation or redevelopment plans,” Ayala Land president and CEO Anna Ma. Margarita “Meean” Dy told InsiderPH in a text message on Wednesday.
“We recognize the strength of the New World brand and the guest experience it delivers — and we intend to build on that,” she added.
Through Ayala Land Hospitality, the real estate giant operates one of the country’s top hotel groups, including homegrown brands such as Seda, mainly located in urban centers, and the luxury El Nido Resorts chain in Palawan.
Dy’s focus on continuity also suggested the acquisition of the 31-year-old hotel, which was built on property owned by Ayala, was opportunistic in nature, given the crippling debt challenges faced by the previous owner, Hong Kong’s New World Development Co. Ltd.
“Our priority is to ensure a smooth transition and give guests the high level of service they expect,” Dy noted.
New World Development, which earlier announced plans to sell assets amid a downturn worsened by high interest rates and weak operations in China, secured an $11 billion debt refinancing deal a day after the New World Makati transaction was announced.
Strategic location
The establishment opened in 1994 as New World Renaissance Hotel, before its name was later changed to reflect new management.
The property became a popular venue for tourists and business travelers, given its strategic location just steps from commercial spaces and offices, including the Greenbelt shopping mall.
It’s also a renowned dining spot, featuring upscale restaurants such as Jasmine, Cafe 1228, and The Lounge.
In its statement on Monday, Ayala Land said it will retain the hotel’s existing team and all current bookings will be honored to ensure “uninterrupted” operations.
The acquisition is part of a bigger push into hospitality. Ayala Land earlier announced plans to invest $500 million to help double its hotel capacity to 8,000 keys by 2030.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
