By: Krista Angela M. Montealegre, InterAksyon.com November 20, 2013 8:07 PM
MANILA – Ayala Land Inc (ALI) will redevelop the world-class El Nido Resorts on its own after the real estate firm bought out its partner.
In a disclosure to the Philippine Stock Exchange, ALI said wholly owned Ayalaland Hotels and Resorts Corp inked an agreement to acquire Asian Conservatory Co's (ACC) 40 percent stake in El Nido Resorts, handing over to the Ayala group 100 percent ownership of the tourist destination.
"The company intends to take El Nido Resorts to its next stage of sustainable development, given it strong corporate philosophy on sustainability and proven track record of building world-class real estate projects," ALI said.
In 2010, ALI took a 60 percent stake in El Nido Resorts following a P2-billion joint venture with ACC, which operates the resort in Northern Palawan through subsidiaries under the Ten Knots Group.
ALI is preparing the master plan for the 300-hectare El Nido property in Palawan, which may include residential projects, among others. El Nido is an island-resort complex consisting of the Lagen, Miniloc, Apulit and Pangulasian islands.
In 2012, ALI president Antonino Aquino said the company is acquiring more land to bring its tourism land bank to 1,000 hectares in the next two to three years and expand its island resort portfolio.
ALI estimates that it will have a network of 2,000 hotel and resort rooms by yearend and will double this by 2015.
The property developer also operates the Hotel Intercontinental, Holiday Inn, The Raffles and Fairmont in Makati as well as the Marriott Hotel in Cebu City. It also owns its own boutique hotel brand Seda.
Ayala Land has also partnered with Subic Bay Development and Industrial Estate Corp for the development of Anvaya Cove, a 320-hectare leisure complex in Bataan.