LISTED resorts operator Boulevard Holdings Inc. (BHI), through wholly owned subsidiary Friday’s Holdings Inc., has finally regained full control and possession of its Friday’s Boracay hotel and resorts following a 13-month land dispute.
“After one year and one month of losing control, we are happy to report that we have reoccupied our 2,600-square meter prime Boracay beachfront parcel, and are now in control of the area,” BHI president and chief executive officer Jose Marcel Panlilio said in a statement.
It was recalled that in February 2014, about a third of Friday’s Boracay was forcibly occupied by some 300 armed men led by the son of the resort’s former owners, Datu Yap Sumndad and Mila Yap.
But on March 13, the company said the Aklan Municipal Trial Court has dispatched 60 deputized policemen and 50 BHI engineering staff to implement a Writ of Possession, ousting Yap’s men from the area.
BHI said they are also preparing to file a grave coercion case against the Yaps after BHI’s lawyers were threatened by the armed group as they were about to reoccupy the property.
As of this writing, the firm said some 36 security personnel were already occupying the fenced property.
The prolonged land dispute at Friday’s Boracay nearly halved BHI’s revenues for the nine months to February 2015 to P48.3 million from P100.6 million a year earlier.
BHI was incorporated in 1994 as a holding company focusing on resorts, leisure, rentable real estate properties and tourism-related businesses.