Details in a recent regulatory filing suggested a possible extension, but Ayala Land said it’s keeping its target to open the 276-room hotel in Ayala Triangle Gardens next year.
“The Mandarin Oriental, Makati is on track to open in 2026,” Ayala Land Hospitality said in a statement to InsiderPH on Monday.
The possibility of another delay emerged after Ayala Land indicated in a recent P15-billion bond sale prospectus that the new luxury hotel would “open its doors by 2027.”
This was a departure from past announcements for the five-star hotel, which is now in the fit-out phase of construction.
“The team is carefully overseeing the completion of this landmark hotel at Ayala Triangle Gardens to meet the highest standards of design, craftsmanship, and service excellence that define the Mandarin Oriental brand,” Ayala Land Hospitality said.
“We’re committed to delivering an exceptional experience in this iconic location,” it added.
Over a decade in the making
The original Mandarin Oriental in Makati opened in 1976 during the term of President Ferdinand Marcos Sr.
It was closed in 2014 to make way for a new site that would offer an upgraded experience for guests.
Industry experts closely watching the project noted it has already experienced several delays, going back to the COVID-19 pandemic.
A closer look at hotel occupancy
This also comes as upscale hotels in key Metro Manila and other urban areas struggle to raise occupancy levels.
Data from Colliers Philippines showed that occupancy levels for five-star hotels remained flat at 67 percent over the past three semesters. The figure stood at 63 percent for four-star hotels in the first half of 2025.
Room for another upscale hotel?
By pushing through with the opening, Ayala Land is signaling confidence that the new Mandarin Oriental in Makati can command premium rates thanks to better amenities and its prime location, surrounded by luxury residential towers, Grade A office buildings, and fine dining establishments.
The group has yet to release details on future rates, while older five-star establishments nearby are pricing rooms at around $132 (Makati Shangri-La) and $160 (The Peninsula Manila), based on current online booking data.
Ayala Land is bullish on hospitality
Last June, Ayala Land said it acquired the 578-key New World Hotel, another centrally located establishment in the Makati central business district.
Last July, Ayala Land Hospitality and Marriott International teamed up to launch the country’s first Moxy Hotel, a 260-room project in Circuit Makati.
Ayala Land previously 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.
