By Zinnia B. Dela Peña (The Philippine Star) Updated September 24, 2011 12:00 AM
MANILA, Philippines - Global Estate Resorts Inc. (GERI), controlled by property tycoon Andrew Tan, is doubling its capitalization to P20 billion to fund its massive expansion projects.
GERI is building a P20-billion integrated resort called Boracay Newcoast that is expected to set new standards in the local tourism industry.
The project, which spans 14 percent of the island, will house four world-class hotels with a total of 1,500 rooms, specialty and boutique beachfront hotels, private villas, and a variety of health and wellness centers.
Boracay New Coast will include an 18-hole championship-grade golf course, which is seen to bolster Boracay’s long-term tourism growth, attracting 350,000 more tourists to Boracay each year.
GERI has tapped three international hotel brands plus a local brand, to be managed by Alliance Global Group Inc. (AGI), to ensure a high level of customer service and satisfaction.
The project’s major centerpiece would be Newcoast Station, an expansive grand plaza and entertainment center, set right at the center of the project’s kilometer-long white beach. The plaza will be surrounded by a luxury hotel block and a retail strip with shops, restaurants and bars. GERI is positioning Boracay Newcoast as a catalyst for Boracay’s long-term tourism growth.
The company is 60 percent owned by Tan’s listed investment firm AGI, one of the country’s largest conglomerates with interests in real estate development, food and beverage, quick-service restaurants, gaming and tourism.
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