AFTER clearing legal issues and regaining full control of its Friday’s Boracay resort, the Panlilio-led resorts operator Boulevard Holdings Inc. is now calling on investors to join in redeveloping and expanding the Boracay asset.
Mauro Badiola, vice president of finance and chief corporate information officer, said in a disclosure to the Philippine Stock Exchange (PSE) that the company has sought the service of real estate consultancy Jones Lang LaSalle (JLL) in selling 30-percent equity in Friday’s Holdings Inc., basically to raise capital for Friday’s Boracay Beach Resort.
“Jones Lang LaSalle accepted the appointment… as the market advisory agent to seek interested investors in the 30-percent equity in Friday’s Holdings, owner and operator of Friday’s Boracay Beach Resort (FBBR) on Boracay Island in Malay, Aklan,” Badiola said.
“The strategic change in equity structure is in connection with the planned expansion and development of its beach resort, to improve its facilities by constructing up to 100 keys to 120 keys to service the… 30,000 repeat guests from all over the world who have enjoyed their stay at FBBR.
“Expansion costs are estimated at P600 million,” he added.
Friday’s Holdings is a subsidiary of Boulevard Holdings, operator of Friday’s resorts in Boracay, Friday’s Puerto Azul in Cavite, and Friday’s Puerto Galera in Oriental Mindoro.
During a board meeting on August 26, the Panlilio-led Boulevard Holdings approved the offer to appoint JLL as its market advisory agent.
JLL accepted the offer on Monday.
Landscape and architectural expert Palafox and Associates was hired the design the concept and master plan of the Boracay resort.
In a separate disclosure to the PSE on Monday, the company said revenue in the fiscal first quarter of 2015, which ends in August, rose by 13 percent to P14.816 million from P13.08 million a year earlier.
Sales in August were up by 37 percent to P7.26 million from P5.3 million.
Boulevard Holdings said it has cleared the legal hurdles and took full control of Friday’s Boracay.