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TO push through with the
deve-lopment of luxury hotels in Makati, the Ayala Land Inc. (ALI)
plans to establish new companies in partnership with Kingdom Hotel
Investments (KHI).
In a
disclosure to the Philippine Stock Exchange, the country’s leading
property developer said it would own 20 percent of the planned
operating company, with the Dubai-based KHI owning the remaining 80
percent.
The proposed
operating company would develop, construct, fit out and operate the
luxury hotel complex that will rise within the 7,377-square meter
property on Makati Avenue corner Arnaiz Avenue (formerly Pasong Tamo)
in Makati. The joint venture is estimated to cost about $153
million.
In an earlier
disclosure, ALI said the luxury hotel complex will include a
300-room Fairmont Hotel, a 30-suite Raffles Hotel and 189-unit of
Raffles-branded private residences.
Meanwhile, a
landholding company would also be established, 60 percent of which
would be owned by ALI and 40 percent by KHI through a wholly owned
subsidiary. The company will own the property where the proposed
hotel complex will be built.
“The
proposed joint venture project will enable ALI to capitalize on the
growing demand for luxury accommodation in the region and in the
Philippines, in particular, given increased investor and business
confidence in the country,” the company said.
 --Likha
C. Cuevas
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