PANLILIO-led Boulevard Holdings Inc. has infused fresh funds into Fridays Boracay to renovate and expand the beachfront resort property following the resolution of the dispute with the former landowner.
In a letter to shareholders disclosed to the Philippine Stock Exchange on Thursday, BHI chair Jose Marcel Panlilio said BHI had injected into Fridays Boracay since October of last year a cumulative cash investment of over P120 million to “set the recovery on a solid path.”
BHI updated shareholders on the reconstruction and repairs on the property following the damage caused by armed men who had previously taken over the property.
Of the new investment made by BHI, Panlilio said about P87.8 million was largely to purchase the rest of the land parcels that the group did not own while about P32.2 million was spent to fix the pool and buildings. New money was also being spent to maintain a security contingent, replace all stolen furniture and TVs by the Aguiluz men, pay legal billings and construct a new lagoon pool at the top of the Fridays hill, he said.
“We project investing another P50 million more for additional parcels and about P150 million more in a year to upgrade our rooms to suites and increase the number from 50 up to 65 keys, hopefully by next summer 2016,” Panlilio said.
The wing and pool that were previously devastated by the “aggressors,” Panlilio said, had now been renovated.
The office of the Makati Prosecutor earlier dismissed the forgery charges filed by the previous owner of this Boracay property, Mila Yap-Sumndad, against Panlilio. The operations of the resort were previously disrupted because of this dispute.