PANLILIO-led Boulevard Holdings Inc. plans to sell a 30 percent stake in Friday’s Boracay Beach Resort (FBBR) to pursue a P600-million expansion program for this leisure estate in the aftermath of a land dispute that disrupted operations for months.
In a disclosure to the Philippine Stock Exchange on Monday, BHI said international property consulting firm Jones Lang LaSalle had accepted the mandate to help BHI seek investors for 30 percent equity of Friday’s Holdings Inc., owner and operator of Friday’s Boracay.
“The strategic change in equity structure is in connection with the planned expansion and development of its beach resort to improve its facilities by constructing up to 100 keys to 120 keys to service the increasing 30,000 repeat guests from all over the world who have enjoyed their stay at FBBR,” BHI said.
The expansion costs are estimated at P600 million, based on a master plan designed by Palafox and Associates for FBBR, the company said.
BHI lost control of the resort in February last year following a physical “invasion” led by a member of the family that sold the lot where the resort stood on. After the dismissal of ownership forgery allegations by courts, BHI regained control of the property and started its reconstruction since October last year.