Raffles Makati Review: Is Manila's Only Two-Key Hotel Worth It?

The short version: Raffles Makati is the understated one among the luxury Manila hotels, and the only one with two Michelin Keys. It’s in the best spot in Makati, right by Greenbelt, the service is very good, and the Spectrum breakfast is probably my favorite in the city, with honey from an actual comb. The one-bedroom residences are spacious and well soundproofed, but they’re held back by odd quirks. No desk, a glass-walled toilet, a water purifier instead of bottles, no minibar, and a phone that started beeping at 1 a.m. At about ₱28,500 ($446) a night with breakfast, it’s one of the most expensive hotels in Manila. At this price I don’t think it’s the best, the most luxurious or the most comfortable. A fair stay, but I wouldn’t go back at that price.

I stayed at Raffles Makati on October 23, 2026, one night in a Residence 1 BR Executive, two of us. I’d booked four nights and cut it to one. I paid for everything myself, and nothing was comped.

Pros

• The best location in Makati, next to Greenbelt, Landmark and Glorietta, in a safe neighborhood
• A spacious one-bedroom with a full kitchen, two TVs and two bathrooms
• Good soundproofing, even facing the road
• A huge breakfast buffet at Spectrum, open until 10:30: honey from the comb, fresh peanut butter, seaweed salad, sushi, soba, mezze, halal and Indian stations, Filipino dishes
• Mirèio’s bread service and crudo
• Very friendly service; the breakfast staff gave us a tour of the stations
• A modern, spacious gym with Technogym equipment, a corner view and personal trainers
• Understated, classy style, with Filipino art in the hallways and live music at the Writers Bar
• Two Michelin Keys

Cons

• No desk, so it’s not a room to work in
• The toilet is behind glass, so only one person can really use the bathroom at a time
• A water purifier instead of bottled water, and no minibar; the rooms feel a little like serviced apartments
• A musty smell in the room we were offered as an alternative and in the hallways, and paint fumes while they repaint
• A phone that started beeping randomly at 1 a.m.
• Only three elevators for a lot of floors
• No welcome gift or drink, and the Wi-Fi code isn’t handed over unless you’re an Accor member
• Double the price of most of the other top Manila hotels

Arriving

I landed at about 6:30 a.m., and at that hour the airport was fine. Grab is easy from the pickup area, no need for a taxi or the hotel car, and the drive took about 15 minutes. Raffles is in central Makati and shares a tower with the Fairmont and the Raffles Residences.

Check-in was fine; they said the room could be ready before 3 and stored the bags. There was no welcome drink or gift, minor, but you notice it at this level. There are two tiers of Wi-Fi: Accor members get unlimited high-speed, everyone else a standard pass, and they don’t hand over the code straight away, which seems designed to push you to sign up. The standard Wi-Fi measured 26 Mbps down and 28 up, fine for video calls, but Shangri-La The Fort and even Aruga are faster.

The room: 7 out of 10

A very spacious one-bedroom: a living room with a sofa, a comfortable chair and a round dining table, a separate bedroom, and two bathrooms, which is good for families. Then a walk-in closet, and a full kitchen with a stove, microwave, a fairly large fridge and a Nespresso machine. Two TVs, so you can watch in bed or on the sofa. The view is over the city next to Landmark and a lot of roads, but the soundproofing is good: about 40 decibels at night with the AC on, and nothing from the road.

Then there are the quirks. There’s no desk; the bedroom has a little makeup area with a stool, not a chair, so it’s not a room to work in. The dining table has only two chairs, small for the size of the living room. And there’s no minibar, which with the kitchen makes it feel more like a serviced apartment than a five-star hotel.

The bathroom has a tub and Blaise Mautin toiletries. But the toilet is behind glass doors, so unless you’re very, very close to whoever you’re with, only one person can be in there at a time. I think that’s a design flaw; the second bathroom helps.

Instead of bottled water, there’s a water purifier. Personally, I’d rather have bottles, especially at this price. It’s minor.

The hallways have a damp smell, and on my floor they were repainting them, so the paint smell was strong. They offered ionizers and a move, but the other room they showed us was musty, so we stayed on 16. You can’t hear the work from inside the room.

Then there was the beeping. At about 1 a.m. the phone started beeping randomly. I disconnected it, reconnected it, moved it to the other room, and it kept going. Someone came by at around 1:30, and I handed the phone over and told them not to bring it back. It didn’t happen again, but it’s a weird problem.

That’s the frustrating part. The rooms have a lot of potential: spacious, modern, clean and pleasant. But each quirk disrupts you in a different way. One more: only three elevators for a lot of floors, and they can take a while.

Breakfast

Breakfast is at Spectrum, the Fairmont’s restaurant, open until 10:30 a.m., and probably the biggest buffet of the main luxury Manila hotels. The room is modern, minimalistic and subdued, classy rather than overtly luxurious like the Shangri-Las; a different style, not a better or worse one. It can be crowded on weekends, but we always got a spot. Sunday brunch had a long line out the door, so come early. The area farthest from the entrance gets a bit warm.

The stations: Chinese, Western, noodle, halal, Indian, fruit, juices, sushi, soup and noodle, mezze, Filipino dishes and breads, and bread. There’s also a wide range of yogurts, including probiotics, which I always think is good when you’ve just arrived in a new country. There’s honey from an actual comb, which you pick yourself, a fresh peanut butter machine, and an à la minute set breakfast if you’d rather order.

My favorites were the fruit, especially the very fresh kiwis, the Western section, the seaweed salad, very good for breakfast, and the chow mein. Some of the other noodles weren’t as good, and the eggs were a little hard to peel, minor things. What I like most is the small touches: Japanese soy sauce on tap at the sushi counter, the honeycombs, the peanut crusher. And one of the staff personally showed us every station.

Mirèio

I had one meal at Mirèio, the Raffles’ French restaurant, listed in the 2026 Michelin Guide. The room is bright and airy, and almost feels like Europe, or Singapore, which may be the point. Service is professional and quick. The bread service and the crudo are both an 8 out of 10; the portions are a little small. I went back for lunch later; full review here.

Overall I’d give the food at the hotel an 8 out of 10: a lot of options, and the food is quite good.

The setting: 8 out of 10

The lobby is a bit small and not as grand as the other luxury Manila hotels: modern and understated, which fits Raffles, with bright flowers and a crystal chandelier. Off it is the Writers Bar, with a grand piano, orange armchairs, TWG tea and library shelves, and live music at afternoon tea (₱3,200++ for two). The hallways have Filipino art. It feels cozy, understated and classy.

The gym is very nice: spacious, modern, Technogym equipment, pretty much every machine you’d want, a corner view over Makati, and personal trainers. The staff showed me the steam room and lockers, all clean and well kept. The spa is the Fairmont Spa, shared between the two hotels; I didn’t have a treatment. A 60-minute massage is ₱4,000 to ₱4,300, about $63 to $67, fairly expensive for Manila, similar to the Grand Hyatt. The shop sells Speranza bags, crocheted by women from the Philippines’ prison reformation program.

A tip a lot of people don’t know: there are two pools. The Fairmont pool on level 4 is the one everybody uses, with a lap lane, a shallow children’s section with jets, cabanas and a pool bar, and it gets busy with families. The Raffles pool on level 9 is smaller, cobalt-tiled, with a daybed pavilion, and on a busy weekend it was empty except for one other person. Much more romantic and intimate, and I really like it. The bathroom by the Fairmont pool had no towels or paper towels when I looked in.

Raffles has Mirèio, the Mistral rooftop bar, the Long Bar and the Writers Bar; the Fairmont side has Spectrum and Café Macaron. The Long Bar is a nice room, dark wood, beaded chandeliers, palm-leaf fans turning on the ceiling, though I don’t drink, so I didn’t stay.

One observation: among my Filipino friends, far more know Shangri-La The Fort than Raffles, which says something about where it sits locally at this price. The location is the best part: Greenbelt, Landmark and Glorietta are next door, Salcedo is close, and the neighborhood is safe and pleasant. I think it’s a nicer setting than BGC.

Service: 8.5 out of 10

Very good. Everybody is friendly, check-in was smooth, and the breakfast and gym staff both walked us through everything unasked. When we asked about changing rooms, it took about 30 minutes to get keys to look at the other one, which is fine.

What it cost

The rate for a Residence 1 BR Executive, with breakfast for two at Spectrum, was about ₱28,560 a night all in, roughly $446. I’d originally booked four nights for ₱114,257.08 and cut the stay to one. There were no other charges.

Value: 7 out of 10

For $446 a night you’re in the heart of Makati with a good gym, an expansive buffet, a spacious one-bedroom with a kitchen, and breakfast included. That’s a lot. But it’s one of the most expensive hotels in Manila, and at this price I don’t think it’s the best, the most luxurious or the most comfortable. It’s roughly twice the Peninsula (about $268) or the Makati Shangri-La (about $229), and well above the Grand Hyatt in BGC (about $244). It’s even more than Shangri-La The Fort, which has none of the room oddities and a better gym.

Vs. other Manila hotels

• Shangri-La The Fort: similar luxury, no room oddities, a better gym, more amenities and a lower price. If I wanted this level of hotel again, I’d go here.
• Grand Hyatt Manila: about $244 a night for the room, in BGC. Modern, quiet and a great value; the other place I’d pick for a similar luxury experience.
• The Peninsula Manila: about $268 a night, half the price. Older rooms with fewer quirks, food that’s just as good, with Old Manila, Spices and a smaller but very good buffet, and a similar location. The one I’d go to for cheaper.
• Makati Shangri-La: about $229 a night. Grander, with tennis courts and a big lobby, but the rooms need a renovation. Raffles is more understated, better maintained and better located.

Who it’s for

The room works for a lot of people: couples, families, and even a couple on a staycation, because the kitchen makes it easy to settle in. Not ideal for business travelers who need a desk, or for anyone who wants the classic five-star feel of a minibar, a welcome drink and a proper hotel room.

Tips if you go

• Take a Grab from the airport; at 6 a.m. it’s 15 minutes.
• Ask for a room away from any floor being repainted, and say if you notice a musty smell. They’ll offer a move.
• Sign up for Accor’s loyalty program before you arrive if you want the faster Wi-Fi without the back-and-forth.
• Use the Raffles pool on level 9, not the Fairmont pool on 4. Almost nobody does, and it’s the nicer one.
• Go early to breakfast, especially Sunday brunch, and sit near the entrance; the far end gets warm.
• There’s no minibar, so stock the fridge from Landmark next door.
• Din Tai Fung in Greenbelt is a short walk for lunch.

Verdict: 7.5 out of 10

A fair stay: a great setting, very good service and probably my favorite breakfast of the Manila hotels. I actually like the room, but they need to straighten a few things out in it. Would I stay again? No, and only because of the room and the value, the two things that matter most to me. You can do better on both in Manila: the Grand Hyatt or Shangri-La The Fort for similar luxury, or the Peninsula for cheaper.

About those two Keys

Raffles Makati is the only hotel in the Philippines with two Michelin Keys, and I don’t think it’s at that level. The Peninsula Bangkok has one, with far better service, more amenities and a more unique feel. I think the Keys should reward hotels that exemplify the local culture, and Raffles does that a bit, with the Filipino artwork and a Southeast Asian, if somewhat Singaporean, feel. But they could draw more on the Philippines.

Deciding between the two districts? See my Makati vs. BGC guide: hotels, food and nightlife, compared.

Breakfast matters? See my best Manila hotel breakfasts guide: nine buffets scored, with prices, hours and which rates include it.

Raffles or the Fairmont? They share a building; see Raffles vs. Fairmont Makati.

FAQ

Does Raffles Makati have Michelin Keys?

Yes, two, the only Two-Key hotel in the Philippines as of 2026. The Fairmont next door has one. I don’t think it’s at the level of other Two-Key hotels, or even some One-Key ones like the Peninsula Bangkok.

Does Raffles Makati have a pool?

Two. The Fairmont pool on level 4 is the busy one with the bar and cabanas; the Raffles pool on level 9 is smaller, quieter and much nicer.

Where is Raffles Makati?

In central Makati, sharing a tower with the Fairmont, right next to Greenbelt, Landmark and Glorietta.

Is breakfast included at Raffles Makati?

It was in my rate, for two, at Spectrum, open until 10:30 a.m. It’s probably the biggest buffet of the main luxury Manila hotels.

How much does Raffles Makati cost?

My one-bedroom residence was about ₱28,560 a night, roughly $446 all in, with breakfast for two. That’s about twice the Peninsula or the Makati Shangri-La.

Is there a minibar at Raffles Makati?

Not in the residences. There’s a full kitchen with a fridge and a Nespresso machine, and a water purifier instead of bottled water.