Boulevard Holdings to raise P500M from private placement

MANILA, Philippines - Shareholders of Boulevard Holdings Inc. have approved the publicly-listed hotel and resorts holding company’s planned P500-million private placement and an increase in its authorized capital stock.

The shares to be issued through the private placement will come from the company’s increase in capitalization from P800 million to no less than P2.8 billion, divided into 28 billion shares at a par value of P0.10.

Boulevard Holdings intends to use proceeds from the private placement 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 a pioneer AAA accredited boutique resort with 47 native cottages-style rooms. It has a 120-seat capacity restaurant that offers Asian, European, fusion and Filipino cuisine.

Friday’s Boquete, which sits on a 3.8-hectare property, serves 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.

Established on July 13, 1994, Boulevard Holdings has primary interests in hotels and resorts and tourism-relatedbusinesses, companies involved in information and technology, and investments in strategic land locations & 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. It is also committed to creating long term value by entering into joint ventures for tourist destination development and commanding a significant share in the primary resort home market outside Metro Manila, especially with current government decongestion efforts to improve travel time via ongoing highway construction.