Prestige Hotels and Resorts, Inc. (PHRI) was established in 1999 by premier real estate company, Megaworld Corporation, with the task of managing and developing its hotel and leisure portfolio. Founded more than 20 years ago by business mogul and modern day taipan Andrew L. Tan, Megaworld is regarded as one of the top urban developers in the Philippines, concentrating on large-scale projects set in prime locations in Metro Manila which include high-rise residential and office buildings as well as “live-work-play” townships geared primarily to the middle and high-income markets. With the creation of PHRI, Megaworld expands its business by entering into the tourism and hospitality industry and constructing first-rate hotels that complement its city developments. The hotel properties currently being managed by PHRI are: Richmonde Hotel Ortigas, Eastwood Richmonde Hotel, and the soon-to-open Richmonde Hotel Iloilo.