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Manila Pavillion owner to borrow P500M

Vol. XXII, No. 35-A [ BusinessWorld Online ]
Saturday, September 13, 2008 | MANILA, PHILIPPINES

Listed Acesite Philippines Hotel Corp. plants to borrow P500 million from Land Bank of the Philippines for its working capital requirements.

Based on its financial statement, the company is renovating Manila Pavilion this year.

The company’s board approved in August a plan to sell more shares worth P150 million to stockholders, which it will use to continue renovating the hotel.

The renovation of the Manila Pavilion will take three years to complete and will cost about P80 million. After the renovation, the company plans to rename it Waterfront, another hotel brand that it owns.

The company posted a 4.56% drop in gross sales to P169 million in the second quarter, mainly due to lower occupancy rates and room sales.

Acesite operates the Manila Pavilion Hotel, whose subsidiaries include the Pavilion Leisure and Entertainment Corp. and Pavilion Enterprises Corporation. — KJRL

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