By Jenniffer B. Austria

DMCI Holdings Inc. of the Consunji family said yesterday that its unit bagged a P4.9-billion contract to build the plush Raffles Suites and Residences and Fairmont Hotel in Makati.

DMCI Holdings said in a disclosure to the stock exchange that D.M. Consunji Inc. signed a contract with KHI-ALI Manila Inc., the joint venture company of property giant Ayala Land Inc. and Dubai-based Kingdom Hotel Investments, to build the luxury hotel complex at the corner of Arnaiz and Makati Avenues in Makati City.

D.M. Consunji committed to build the hotel complex over 30 months.

The project involves the development of a 300-room Fairmont Hotel, the 30-suite Raffles Hotel and the 189 Raffles-branded private residences.

Kingdom Hotel is an international hotel and resort acquisition and development company focusing on high growth emerging markets such as the Middle East, Asia and Africa. It has ownership interest in 29 properties in 20 countries, including 22 operating hotels and resorts and seven under construction or in the initial stages of development.

Kingdom Hotel is listed on the Dubai International Financial Exchange and London Stock Exchange.

Ayala Land is the property arm of conglomerate Ayala Corp. The company is primarily engaged in hotel, housing, shopping mall, retail, residential condominium, township and resort projects.