Ayala Land says mall and hotel upgrades are lifting rental and room rates

Renovations at Ayala Land Inc.'s flagship malls and hotels are starting to pay off, with revenue per square meter at four upgraded malls up 13% and room rates at renovated hotels up 19%, according to Mindanao Times.

Ayala Land president and CEO Meean Dy reported the figures at the company's nine-month results briefing. Leasing and hospitality revenues rose 8% to ₱37.8 billion in the first nine months of 2026, and these businesses now account for 55% of the company's earnings before interest, taxes, depreciation and amortization (EBITDA), up from 44% a year earlier. Management credited better occupancy, higher rental rates and stronger operations.

Shopping center revenues reached ₱18.2 billion. Reported growth was 4%, but the company said revenues rose 10% when one-off asset sales from the previous year are excluded. Same-mall revenues grew 8%, and flagship and premier malls posted 10% growth, helped by venue rentals, advertising and cinema income. The renovated flagships include Glorietta, Greenbelt, Trinoma and Ayala Center Cebu.

The office business earned ₱9.4 billion, up 4%, with vacancy levels below industry averages, the company said. It signed about 23,000 square meters of new office leases in the third quarter, its highest quarterly volume this year.

Hotels and resorts were the fastest-growing segment, with revenues up 20% to ₱8.9 billion. Ayala Land pointed to renovated Seda hotels and El Nido Resorts, and said Mandarin Oriental Makati is set to reopen on December 14.

The company also expects to open close to 200,000 square meters of new retail space by year-end. These include Ayala Malls Gatewalk in Mandaue City, Cebu, which will host the first IKEA store in the Visayas, as well as the Ayala Malls Nuvali expansion in Laguna and The Exchange at Trinoma. Management said these new spaces will add to leasing revenues over time as they fill up with tenants and draw more shoppers.