This was revealed during a briefing with analysts on Tuesday, where president and CEO Anna Ma. Margarita “Meean” B. Dy unexpectedly announced plans to purchase of a 500-key luxury hotel in the capital and seal new international hotel agreements.
While Ayala Land did not disclose any other details, several industry insiders not connected with the developer said a deal could involve the 580-room New World Makati Hotel, whose Hong Kong-based parent is facing significant financial strain.
One insider noted that New World had previously sent out feelers for a possible sale of its upscale hotel, which is steps from the Greenbelt shopping complex.
New World Makati Hotel, which leases its land from Ayala Land, opened in 1994 and is a popular venue for business events and tourists seeking a central location in Makati City.
The Inquirer’s Biz Buzz column earlier reported that an unnamed global hotel brand was mulling an exit from the country to help pay off crippling debts.
The hotel’s parent firm, New World Development Co. Ltd., recently booked a HK$6.63 billion loss and listed HK$146.5 billion in loans and fixed-rate bonds at the end of last year versus cash assets of HK$21.9 billion.
In its financial filing, it also disclosed talks with lenders to ease loan conditions, refinance debts and the disposal of several assets to raise cash.
Ayala Land previously announced plans to invest $500 million to help double its hotel capacity to 8,000 keys by 2030.
Through Ayala Land Hospitality, it operates the homegrown Seda hotels and the El Nido Resorts luxury chain in Palawan. Its partner global brands include the Holiday Inn & Suites, Fairmont Makati and the Mandarin Oriental Makati, which reopens next year.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
