Paramount Hotels to manage Pico de Loro

By Inquirer MANILA, Philippines--Paramount Hotels & Facilities Management Inc. has been appointed by a unit of SM Investments Corp. to manage the group's beach club in its eco-tourism project in Nasugbu, Batangas. Costa Del Hamilo Inc., the developer of the beach club and a subsidiary of SMIC, appointed Paramount to manage Pico De Loro Beach & Country Club in Hamilo Coast. Due to be operational in the third quarter of 2008, Pico De Loro Beach & Country Club is an exclusive membership club featuring resort, recreational and leisure facilities, SMIC said in a disclosure to the stock exchange. Paramount is a property management company that aims to introduce internationally accepted hospitality industry standards to the local property market. It specializes in property management, encompassing hotel management, food & beverage operations, and restaurant franchising. Also, the Paramount team also forms part of Microtel Inns & Suites (Pilipinas) Inc., the Philippine master franchise-holder of the Microtel Inns & Suites brand. Early this year, SMIC said it was spending P5-P6 billion over the next five years to pursue the first phase of the 5,800-hectare Hamilo Coast beach-resort community in Nasugbu, Batangas. The initial phase of Hamilo Coast, dubbed Pico de Loro, will span 40 hectares and will feature 11 condominium buildings consisting of 1,500 units.