Developer Ayala Land Inc. said in a stock exchange filing on Tuesday that the 276-room hotel, located in the heart of the Makati City financial district, has reached a completion rate of 69 percent.
This is slightly ahead of its late 2024 filing when the hotel was 66 percent complete, although this slipped back to 55 percent in November last year.
An industry observer said such rollbacks can happen when projects undergo design or amenity revisions, which can affect the opening date.
The original Mandarin Oriental in Makati opened in 1976 during the term of President Ferdinand Marcos Sr.
It stood as a landmark in Makati’s skyline for nearly four decades before closing in 2014 to clear the way for a new, upgraded hotel on a different site in the Ayala Triangle.
Ayala Land Inc. previously announced plans to invest about $500 million to help double its hotel capacity to 8,000 keys by 2030.
It has also made strategic moves to expand its hospitality footprint, including the acquisition of New World Makati Hotel in 2025.
—Edited by Miguel R. Camus
