By Zinnia B. Dela Peña Updated July 18, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines – The family of tycoon Andrew Gotianun has set up a wholly-owned unit to serve as the corporate vehicle for its newest venture – the hotel and resort business.
In a disclosure to the Philippine Stock Exchange, Filinvest Development Corp. said the new subsidiary, Seascapes Resort Inc., the Gotianuns’ investment holding firm with an initial authorized capital stock of P100 million, applied Wednesday with the Securities and Exchange Commission for a corporate license.
The holding company, through its property unit Filinvest Land Inc., has struck a partnership with international hotel chain Aston Hotels & Resorts to manage its planned condotel and resort businesses in Cebu – The Grand Cenia and the high-end Seascapes Resort Village on Mactan Island.
Aston has almost 60 years experience in managing some of the most profitable hotels and hospitality businesses in the world. Originally from Hawaii, Aston entered the Indonesian market in the late 1990s and has an underlying portfolio consisting of 30 hotels, half of which are already operational and the other half still under development.
Aston Indonesia currently manages hotels, resorts, residences, spas, villas, private homes, executive clubs and office towers as well as associations and property management.
Meanwhile, Seascapes will involve the development of 280 casitas and exclusive residential or vacation homes, estimated to cost around P4 billion.
The Grand Cenia condotel, located adjacent to the Cebu Business Park (CBP), will have 25 stories, offering a total of 450 hotel rooms. Construction of the project will require a capital outlay of about P1.5 billion. It is expected to be completed in early 2011.
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