Filinvest acquires resort developer in Thailand

FILINVEST Development Corp. (FDC) is acquiring a Thailand-based firm which is developing a luxury resort.

The Gotianun-led holding firm told the stock exchange Monday it signed a share purchase agreement to buy all of the issued shares of Thailand’s Choengmon Real Estate Co. Ltd. (CRE).

FDC said CRE is “currently developing an international five star luxury quality resort.” The company said a subsidiary will operate the resort under its own Crimson brand.

FDC subsidiary Filinvest Hospitality Corp. currently operates luxury brand Crimson Hotels and Resorts, mid-market brand Quest Hotels and lifestyle brand Grafik.

According to its website, three hotels under Filinvest Hospitality are currently labeled under Crimson — the 290-key Crimson Resort and Spa in Mactan, Cebu; 345-key Crimson Hotel in Filinvest City, Manila; and 192-key Crimson Resort and Spa at Station Zero in Boracay.

Details of the hotel being built by CRE were not disclosed in Monday’s announcement.

“Closing and completion of the transaction is subject to the satisfaction of certain conditions precedent and completion requirements by each of the parties,” FDC said.

Aside from Filinvest Hospitality, FDC operates a wide array of businesses across the property, banking and financial services, power, sugar and infrastructure sectors. It controls Filinvest Land, Inc.; East West Banking Corp.; FDC Utilities, Inc. and Pacific Sugar Holdings Corp., among others.

In the nine months to September, the holding firm reported an attributable net income of P8.98 billion to increase 16% year-on-year. Total revenues during the period likewise grew 17% to P55.26 billion, driven by the robust growth of its sugar, residential, hospitality, banking and power businesses.

Shares in FDC at the stock exchange ended flat at the close of Monday’s trading at P13.26 apiece. — Denise A. Valdez