SM Hotels and Convention Centers Post Occupancy and Foot Traffic Growth in 2024

SM Hotels and Convention Corp. (SMHCC), a unit of SM Prime Holdings Inc. (SMPHI), recorded strong occupancy rates across its hotel and convention properties in 2024, driven by increasing demand for travel and MICE (Meetings, Incentives, Conferences, and Exhibitions).

“The rise in hotel stays and event bookings signals a vibrant rebound for the hospitality and MICE sectors,” said Peggy E. Angeles, Executive Vice President of SMHCC.

SM hotels achieved a 67% occupancy rate, marking a 2-percentage-point increase from the previous year. Its properties in the National Capital Region outperformed the hospitality industry, averaging 71% occupancy, compared to the 61% year-end industry average.

SMX Convention Centers also saw a 15% rise in hosted events, drawing 6.3 million visitors in 2024. The company’s halls and function rooms welcomed major trade shows, corporate events and industry exhibitions. Many of these events have returned to or surpassed pre-pandemic levels, reflecting strong recovery and sustained market interest.

SMHCC is investing almost Php15 billion to support its 5-year expansion program. This includes developing 8 new hotels and 2 convention centers in key destinations in the country. This will add more than 1,500 guestrooms in its current portfolio.

Aside from its expansion plans, SMHCC is enhancing its competitive edge with new function rooms, additional food and beverage outlets, and room renovations at Taal Vista, Pico Sands Hotel and Park Inn by Radisson Davao.

SMHCC's portfolio includes 10 hotels—spanning luxury (Conrad and Radisson Blu), leisure (Taal Vista, Pico Sands), and business (Park Inn and Lanson Place) brands – as well as 8 convention centers and trade halls under the SMX brand.
SM Prime Holdings is one of the largest integrated property developers in Southeast Asia, with a diversified portfolio spanning malls, residences, offices, hotels and convention centers.

The largest retail shopping center developer and operator in the Philippines, SM Prime is the property development arm of SM Investments Corporation, the country's largest conglomerate in terms of market capitalization.