Boulevard Holdings to raise P500 million

MANILA, Philippines - Hotel and resorts holding company Boulevard Holdings Inc. has approved a private placement offering of up to P500 million to bankroll construction projects, said the Panlilio-controlled company in a disclosure to the Philippine Stock Exchange yesterday.

Boulevard Holdings said it has authorized its chairman and chief executive officer Jose Marcel Panlilio to finalize the terms and conditions of the planned private placement.

Proceeds from the offering will be used to fund new developments in Friday’s Boracay, Friday’s Boquete in Oriental Mindoro and Friday’s Paniman in Camarines Sur.

Friday’s Boracay was established in 1989 as a pioneer AAA accredited boutique resort with 47 native cottage-style rooms. It has a 120-seat capacity restaurant that offers Asian, European, fusion and Filipino cuisine.

Fridays Boquete, which sits on a 3.8-hectare property, serves a 30,000 repeat client base, which reportedly includes the likes of Anantara Resorts in the Maldives and the Four Seasons Resort at Kuda Hu’ Ra’a Atoll, Maldives.

The Paniman beach resort is scheduled to open in 2013.

Late last year, Boulevard Holdings raised its authorized capital stock from P200 million to P800 million, consisting of eight billion shares at 10 centavos par value.

Established in July 1994, Boulevard Holdings has primary interests in hotels and resorts and tourism-related businesses, companies involved in information technology and investments in strategic land locations and rentable real estate properties. Its subsidiaries are significant market leaders in their respective market niches for their products, catering to premiere and elite clients to maintain relatively higher profit margins.

Boulevard Holdings is aiming to expand its reputable Fridays Hotel brand to at least nine different locations throughout Asia in the next 10 years.