By Marisol Bo-oc | 12:11 PM July 17, 2024
For investors, the famous Boracay Island is no longer the top beach destination.
In its Philippine Hotel Investment Outlook Survey, real estate brokerage firm Leechiu Property Consultants noticed a “progressive shift” in investor interest toward Panglao Island in Bohol, El Nido in Palawan and Siargao Island in Surigao del Norte.
Alfred Lay, Leechiu director for hotels, tourism and leisure, said that these places are increasingly identified as key growth hotspots, offering compelling investment opportunities due to their untapped potential and rising popularity among tourists.
Lay said the emerging popularity of Bohol has lured “higher spending” guests away from Boracay, which has “turned heavily toward the domestic market and moved away from the foreign market.”
While Boracay remained the top destination in terms of arrivals, it only ranked sixth on the list with 29 percent of hotel owners preferring to invest there.
Bohol emerged as the province with the highest investment interest, with 41 percent of respondents saying they wanted to put up hotels in the province. Respondents in Leechiu’s survey represent over 10,000 hotel room keys in the hospitality industry, “spanning properties across every major city and market segment in the Philippines.”
Bohol’s popularity as a tourism hotspot can be attributed to its United Nations Educational, Scientific and Cultural Organization (Unesco) Global Geopark status, which meant it had geological heritage of international significance.
Currently, Bohol hotel developments in the pipeline represent 1,798 room keys, the company said.
Bohol also beat the country’s main gateway, Metro Manila, which placed second with 39 percent interest. Cebu City, a major business district and Visayas’ central hub, was third alongside Siargao with 36 percent.
