Ayala Land eyes assets of Puerto Azul, Fridays Boracay operator

MANILA, Philippines – Ayala Land, Inc. is looking to acquire assets from Boulevard Holdings, Inc. (BHI), which owns the Fridays Hotel brand and operates the Puerto Azul complex in Cavite.

In a disclosure to the PSE on Friday, April 26, BHI said that Ayala Land Premier, Ayala Land’s high-end developments division, “has taken only a preliminary interest” in its assets and operating units.

It did not specify which assets are involved. BHI owns the 3,000-hectare Puerto Azul properties. Boulevard Holdings has been looking for foreign and local partners for its development in Ternate. It also owns and operates Friday’s Boracay Island beach resort in Aklan and in Puerto Galera.

Ayala will conduct due diligence before finalizing the terms of the deal and the assets it will acquire from BHI on or before May 10. 

“We wish to emphasize that BHI is intensely involved in the development of its resort chain throughout the country; and thus its landholdings are related to the growth of its high-end Fridays Hotel brand. It is logical to also develop some related resorts residences etc., maybe with a counter party or not,” BHI’s disclosure read.

“We point out the transaction being worked out with Ayala Land, Inc. is still subject to certain conditions, and may succeed or not. We disclosed yesterday (Thursday, April 25) because— were there to be any such successful transaction— the materials involved are material to BHI’s operating assets.” 

BHI is the holding firm of the Panlilio family’s resort development and operation.

In an earlier disclosure, Ayala Land said that the “agreement is subject to obtaining the requisite approvals and compliance with other conditions.”

Ayala Land has been beefing up its tourism-related portfolio. It currently operates several high-end island resorts in El Nido in Palawan and the northern resort community Anvaya Cove in Bataan. 

ALI is the country’s largest property developer. It has been forging partnerships with other big business groups in the country to leverage on each existing strengths.

Last April 17, Ayala announced that it is launching a hotel brand for the low-middle income markets. In a press briefing, Ayala Land President Antonino Aquino said that the still-unnamed hotel brand will cater to the $60/P2,500 per night market. The company’s existing hotel brand, Seda, targets the $120/P5,000 market. – Rappler.com