Waterfront taking over Cima Realty

The Gatchalian-led Waterfront hotel group has agreed to take over the company that owns the land now occupied by Manila Pavilion Hotel as part of an amicable settlement with the landowners.

Acesite (Philippines) Hotel Corp. told the Philippine Stock Exchange it had approved a resolution to enter into an agreement with Cima Realty Philippines Inc., Gwendolyn Feliciano, Maria Lorna Feliciano, Mario Eugenio Lim, Artemio Boquiren, Juanita Avellanosa, South Port Development Ltd. and Yu Pun Hoi to settle their disputes, particularly with respect to the land on which Acesite’s hotel property Manila Pavilion Hotel is located.

In a separate disclosure, Waterfront Philippines Inc. said it would guarantee the payment by Acesite of the $2 million balance for the latter’s purchase of the entire outstanding capital stock of Cima Realty, the registered owner of the land.

The purchase of Cima Realty is part of the terms of the settlement agreed upon by Waterfront and the registered landowners.

Likewise, part of the deal was for Acesite to undertake the following:

–assign and waive all other claims, demands and causes of action, if any, against Yu Pun Hoi and South Port, their associated companies and all previous shareholders, directors and officers of both Acesite Philippines and Cima

–agree to the dismissal of all pending cases involving the parties and to the full settlement of all controversies.

Manila Pavilion Hotel complements the Waterfront hotels in Cebu City, Mactan and Davao.