SM Prime Holdings Inc. on Tuesday said it was seeing strong corporate demand for its Premier Suites at SM Seaside Cebu Arena less than two months after launch.
The property developer said the demand follows the continued success of its Premier Suites at the SM Mall of Asia Arena, which pioneered the concept in 2012.
“Premium suites have become a popular feature at leading sports and entertainment venues worldwide because they elevate the live event experience,” SM Prime President Jeffrey Lim said.
“They also give businesses a more engaging way to connect with clients, partners and employees,” he added.
The Premier Suites at SM Seaside Cebu Arena are available exclusively to brands and corporations through a minimum one-year lease.
Each 40-square-meter suite can accommodate up to 30 guests and comes with lounge and theater-style seating, private restroom, dedicated VIP access, high-speed Wi-Fi and views of live events.
Beyond the suite business, SM Prime expects the Cebu arena to support growth across its broader property portfolio by drawing more visitors to the SM Seaside Cebu estate.
“We don't expect to be in the live entertainment venue business in a big way, but we do appreciate its effects for us as an integrated property strategy,” SM Prime Executive Vice President Cris Noel Torres told reporters.
“So, an arena plays a meaningful role because it adds more foot traffic and people to the estate and it supports our other businesses,” he added.
Lim said the SM Mall of Asia Arena and SM Seaside Cebu Arena would serve different markets rather than compete directly for the same artists and audiences.
“MOA Arena caters basically to the Luzon market, while the Cebu Arena can draw audiences from Visayas, Mindanao, and even neighboring countries,” he said.
SM Prime said suite holders at the Cebu arena would also have exclusive access to six multipurpose function rooms that can be used for meetings, corporate events and other business engagements.
SM Prime said its arenas were continuing to enhance services for corporate suite holders, including advance event advisories, direct office ticket delivery, dedicated suite attendants and customized menus.
SM Prime’s share price fell by six centavos to close at P18.12 each on Tuesday.
