MANILA, Philippines—Upscale condominium developer Anchor Land Holdings Inc. (ALHI) has acquired the historic Admiral Hotel in Malate, Manila, which it will redevelop to the tune of P4 billion and mark its diversification into the hotel-tourism business.

The Philippine Stock Exchange suspended the trading of ALHI shares yesterday pending the submission of more information on the buyout by the latter’s wholly owned subsidiary Manila Tower Development Corp. (MTDC) of Admiral Realty Co. Inc., which owns the 70-year hotel that sits on a prime 3,446.2-square meter lot.

The selling party was led by Jose Ma. Lopez and Ma. Victoria Concepcion, the daughter of Victoria Lopez Araneta who built the hotel on 2138 Roxas Boulevard in Malate, along with husband Salvador Araneta in 1938.

Based on the initial disclosure, Admiral issued 249,999 shares to MTDC at P1,034.59 each or a total selling price of P258.65 million. But MTDC also paid out all of Admiral’s advances to creditors amounting to about P101.35 million, bringing its total acquisition cost to P360 million.

ALHI will pour in up to P4 billion for the project over the next few years, company vice chair Steve Li said, noting this was “the company’s important first step to make its presence felt in the Roxas Boulevard area.”

Admiral was acquired for landbanking purposes as well as for future development of the property into a five-star boutique hotel and the construction of a twin-tower condominium to be located at the back of the hotel to be known as Admiral Baysuites, ALHI told the stock exchange.

Part of the plans, Li said in a separate statement, was to have all premium units in the Admiral Hotel face the scenic Manila Bay and its famous sunset. He noted that the investment was part of ALHI’s strategy to strengthen its position in the upscale condominium market.

Completed in 1939, the Admiral Hotel has seen the tenure of eleven presidents of the Philippines from Manuel L. Quezon to Fidel V. Ramos. It served as the center of Manila’s elite during the pre-war colonial era and hosted the most distinguished visitors in the country at the time, including former US President Herbert Hoover, Britain’s Lord Mountbatten and Gen. Douglas MacArthur.