Philippines property developer Robinsons Land is to expand its budget hotel business and use at least half of the $317m it raised from a stock rights offer to buy more land for future development.

The company will add 30 budget hotels to its Philippines portfolio over the next five years, including ten company-owned budget hotels and 20 properties under franchise agreements.

Robinsons Land, a unit of conglomerate JG Summit Holdings, raised PHP13.65bn ($317m) through a one-for-two rights issue last month.

The company also unveiled a plan to build a 200-room hotel with a large convention facility in Cebu under its Amisa brand.