MANILA, Philippines – Property giant Ayala Land Inc. (ALI) has gained full ownership of an upscale resort in El Nido in Palawan, three years since first buying a majority stake into the project.
In a regulatory filing, ALI said subsidiary AyalaLand Hotels and Resorts Corp. signed an agreement to acquire Asian Conservatory Co.’s (ACC) 40-percent stake in El Nido Resorts.
“This acquisition will effectively make the El Nido Resorts wholly-owned by ALI. This will solidify ALI’s presence in the resort and leisure development market and help boost the country’s tourism industry,” the property firm said.
In 2010, ALI bought ACC’s 60-percent stake in El Nido Resorts for P2 billion, marking the property firm’s third foray into the resort and leisure industry.
“The company intends to take El Nido Resorts to its next stage of sustainable development,” ALI said, adding that the transaction is expected to close before yearend.
ACC, through its subsidiaries under the Ten Knots Group, owns and operates the world famous El Nido Resorts in Lagen and Miniloc Islands in Northern Palawan. The El Nido Resorts was a recipient of the Wild Asia Responsible Tourism Award in 2009 and was one of 15 Favorite Green Hotels recognized by Travel+Leisure magazine in 2007.
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In 2007, ALI first ventured into the resort and leisure segment by starting the P4-billion development of the 320-hectare Anvaya Cove in Bataan.
The hotel portfolio of AyalaLand Hotels and Resorts currently include Fairmont and Raffles Hotels, Intercontinental Manila, Cebu Marriott, El Nido Resorts, Raffles and Fairmont Makati, Holiday Inn and Seda Hotels. By the end of 2013, the property group will have 2,000 rooms, which will double to 4,000 rooms in 2015.
In January to September this year, the hotel arm’s revenue surged 62 percent to P2.93 billion from P1.81 billion in the same period last year.