El Nido Resorts is set to become a subsidiary of Ayala Land Inc. (ALI) as the property giant sealed a deal to acquire Asian Conservation Co.’s (ACC) stake in the resort.
A disclosure to the Philippine Stock Exchange on Wednesday showed that Ayalaland Hotels and Resorts Corp. (AHRC), a wholly owned subsidiary of ALI, signed an agreement with ACC to acquire the latter’s 40-spercent stake in El Nido Resorts.
The disclosure noted that this acquisition will effectively make El Nido Resorts wholly owned by ALI.
“The company intends to take El Nido Resorts to its next stage of sustainable development, given its strong corporate philosophy on sustainability and proven track record of building world-class real estate projects,” the listed real estate developer said.
The transaction is expected to close before year-end 2013.
According to ALI, this transaction will solidify ALI’s presence in the resort and leisure development market, and help boost the country’s tourism industry.
It was reported earlier this year that AHRC is looking to develop an additional 3,000 to 4,000 hotel rooms in two to three years.
MADELAINE B. MIRAFLOR