Prince Alwaleed bin Talal Al Saud owns Kingdom Hotel Investments [Getty Images]. Prince Alwaleed bin Talal Al Saud owns Kingdom Hotel Investments [Getty Images].

 

Two luxury hotels being built in The Philippines in a joint venture with Prince Alwaleed Bin Talal Bin Abdulaziz Al Saud's Kingdom Hotel Investments (KHI) are set to open next year.

In a statement issued on Sunday, the Saudi billionaire's KHI said the properties were expected to start operations in the second quarter of 2012.

Story continues below
Advertisement

Saudi Arabia-based KHI invested in the $200m Manila project, which also includes residential units, in 2007.

The development will include a 300-room Fairmont Hotel, a 30-suite Raffles hotel and 189 Raffles branded residences.

The opening date was announced after Prince Alwaleed met Jejomar C Binay, vice president of the Philippines in Riyadh on Sunday.

The statement said 1,600 Philippine workers are involved in the construction of the project, adding that both hotels are expected to open in the second quarter of 2012.
Off-plan residential sales have achieved more than $75m to date with 75 percent of the units sold.