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News Top Stories Resort dev’t project at Manila Bay: AGI sets $ 1-B deal with Star Cruises
News Top Stories Resort dev’t project at Manila Bay: AGI sets $ 1-B deal with Star Cruises
| Resort dev’t project at Manila Bay: AGI sets $ 1-B deal with Star Cruises |
| Sunday, 13 July 2008 22:24 | ||||||
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In an interview with reporters, Alliance Global chairman Andrew Tan said negotiations are being finalized and should be completed before the end of the month. Tan said Alliance Global is expected to hold a 60 percent stake in the joint venture since Philippine laws require that corporations engaged in real estate development should be at least 60 percent Filipino-owned. He disclosed that the joint venture is expected to build at least 1,500 hotel rooms in the resort project spread out over several phases of development. Travellers International Hotel Group, Inc., a subsidiary of AGI, will be the vehicle for the team up with Star Cruises, an affiliate of the Malaysian conglomerate the Genting Group. The joint venture will participate in Philippine Amusement & Gaming Corporation’s (PAGCOR) vision to build an integrated tourism zone on a 40-hectare property in the Manila Bay reclamation area called Bagong Nayong Pilipino Manila Bay Integrated City (BNP-IC). PAGCOR aims to use the BNP-IC as a catalyst to sustain the growth of our tourism industry. PAGCOR hopes that the massive development will attract at least $ 4 billion in investments from both foreign and local investors and expects to generate about 100,000 jobs once the entire development is fully completed. PAGCOR has recently announced that Travellers has qualified to participate with the development of its integrated resort project. "Our proposal comes at an opportune time when there is increasing awareness of the Philippines as a tourist destination, with the country achieving a milestone in 2007 with a record three million tourist arrivals for the first time in its history," said Tan. He noted that, "with the continued surge in tourist arrivals, we expect existing stock of hotel rooms to fall short of demand." Travellers is also planning to build an all-suites hotel to be called Maxim’s Hotel in cooperation with Star Cruises in Newport City with an investment of approximately P3.8 billion. "With the opening of Ninoy Aquino International Airport Terminal 3, we are expecting a surge in tourist arrivals," Tan said adding that that The Maxim’s Hotel will be rushed to give these tourists a memorable and positive business experience in the country. Maxim’s Hotel is a luxury hotel brand of Genting Group, a sister company of Star Cruises Ltd.(JAL)
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