AFTER regaining control of its Boracay resort, Panlilio-led Boulevard Holdings Inc. (BHI) is spending P200 million to expand the facility.
“We project investing another P50 million more for additional parcels and about P150 million more in a year to upgrade our rooms to suites and increase the number from 50 up to 65 keys, hopefully by next summer,” Jose Marcel Panlilio, BHI chairman, president and chief executive officer, said in a disclosure to the stock exchange on Thursday.
Last March, BHI regained full control over the 2,600-square meter (sqm) Friday’s Boracay Hotel and Resorts. This came after a year-long dispute with the former owner of the land that cost BHI about P120 million since October last year.
“About P87.8 million [of the P120 million]was largely for purchasing all the rest of the land parcels we did not own, while the rest — about P32.2 million — is for fixing the pool, buildings, maintaining a security contingent, replacement of all stolen furniture and TVs, payment of legal billings and construction of a new lagoon pool at the top of the Fridays hill,” Panlilio said.
To recall, 200 armed men associated with the former owner of the land on which the resort was built ransacked Friday’s Boracay and occupied 1,500 sqm of the property.
With BHI in control of the entire resort again, Friday’s Boracay has been able to host some delegates of the recent sessions of the Asia-Pacific Economic Cooperation (APEC) in the island-resort, Panlilio said.
Aside from Friday’s Boracay, BHI also plans to spruce up Friday’s Puerto Galera and fully acquire Cala Paniman Inc., which will become the corporate vehicle for the Panlilios’ joint ventures in the property sector.
In 2011, BHI agreed to purchase Cala Paniman for P100 million, which amount would be payable for 7 years ending in 2018. In March last year, BHI also agreed to purchase Cala Inc. for P3 million, which would be payable in one year. The Panlilios plan to transform Cala and its subsidiaries into a real estate investment unit.