MANILA, Philippines - Panlilio-led Boulevard Holdings is selling a 30 percent stake in Friday’s Boracay Beach Resort to raise funds for the expansion of the resort hotel.
The company has tapped Jones Lang LaSalle as its market advisory agent which would seek interested investors for its 30 percent equity in Friday’s Boracay.
The fresh capital to be raised from the sale will be used to pursue the planned P600 million expansion of Friday’s Boracay.
Under the plan, Boulevard Holdings would build up to 100 to 120 key rooms to service the growing 30,000 repeat guests from all over the world.
The expansion also involves the construction of a meditation garden, a spa and gym, an expanded swimming pool and pool bar as well as a single-story villa.
Owned by businessman Jose Panlilio, Boulevard Holdings develops real estate such as leisure, hotel, and tourist estates, as well as residential and office condominiums.
The company also plans to revive Puerto Azul, a leisure estate in Cavite, which was once dubbed as Asia’s Paradise Resort.
Its goal is to expand its Friday’s Hotel brand to at least nine different idyllic locations throughout Asia in the next 10 years.
Aside from Friday’s Boracay, Boulevard Holdings is also behind Friday’s Puerto Galera and Crown One Land.