The Hotel Indicator

Have you noticed that it's getting harder to get good rates at the good hotels, not just in Manila but in Southeast Asia's other capitals, such as Singapore, Bangkok, and Kuala Lumpur?

Here's Ayala putting up more hotels in the country's main business district. It's about time.

Property giant Ayala Land Inc. of the Philippines signed a joint venture agreement with Kingdom Hotel Investments of Saudi Arabia to develop a $153 million luxury hotel complex in the financial district of Makati City in the Philippines.

In a disclosure to the Philippine Stock Exchange, ALI said the project involves the construction of a 330-room Fairmont Hotel, a 30-suite Raffles Hotel and 189 Raffles-branded private residences in a 7,377-square-meter property in Makati.

Kingdom Hotel is a hotel and resort investment company chaired by Saudi Prince Alwaleed bin Talal Abdulaziz Alsaud. The prince also has the majority controlling stake in the company.