Waterfront Philippines Inc., controlled by the Gatchalian family, is raising its authorized capital stock to P10 billion from P5 billion, the company told the Philippine Stock Exchange.
Waterfront said the proposed capital hike will be submitted for the approval of its stockholders in the firm’s annual stockholders’ meeting scheduled on Aug. 25.
Waterfront earlier said it is planning to build a hotel in a 3,000-hectare property in Fort Bonifacio in Taguig City and another 2,000 square meters for a Waterfront Hotel in Ortigas Center, Pasig City.
Waterfront is spending P2 billion for the establishment of three more hotels on a 600-hectare property on Uson Island which is part of the Calamian group of islands that include tourism spots Coron and Busuanga Islands. The hotels will have 300 rooms each and are slated for completion in 2009.
Of the total 1,200 hectare property, about 500 hectares will be converted into a convention area while the balance of 100 hectares are reserved for the development of a residential resort.
Aside from this, the company is looking at acquiring more hotels to add to its chain of hotels in the country, which include Waterfront Mactan Casino Hotel, Waterfront Cebu City Casino Hotel Inc., Manila Pavillion Hotel and Waterfront Insular Hotel Davao.
Waterfront earlier said it is planning to acquire the remaining minority stake in Grand Boulevard Hotel on Roxas Boulevard once the Supreme Court rules on the hotel’s rehabilitation.
Waterfront currently owns 78 percent of the former Enriquez-Panlilio-controlled hotel.
The company is also planning to redevelop the Philippine Village Hotel near the Ninoy Aquino International Airport to serve as a showcase hotel for tourists.
Waterfront Philippines is the country’s largest Filipino-owned and managed first class hotel chain. It is the only hotel chain in the country that has a presence in the key cities of the country.
The group operates close to 1,500 rooms, employs 1,500 employees, and has over 41,000 square meters of convention and gaming space. It houses the country’s largest gaming facilities.