In a stock exchange filing on Tuesday, Ayala Land said it redirected P1.44 billion in proceeds from an earlier share sale to the hotel project, which was built on Ayala-owned land and previously owned by debt-ridden New World Development Co. Ltd. of Hong Kong.
The proceeds were originally earmarked for Bank of Philippine Islands’ new headquarters, a project still years away from its stated 2029 target completion.
Proceeds from share sales involved its real estate investment trust unit AREIT in 2024. As this example shows, proceeds can be redirected depending on the company’s needs, particularly when an opportunistic deal like the New World Makati materializes.
Ayala Land president and CEO Anna Ma. Margarita “Meean” Dy earlier told InsiderPH the centrally located Makati City hotel, which has nearly 600 rooms, will maintain its name and operations will be uninterrupted.
There would also be “no immediate renovation or redevelopment plans.”
During a briefing with analysts last week, Ayala Land said New World Makati was a welcome addition to its growing hospitality portfolio and will be immediately contributing to earnings in the second half of 2025.
The real estate giant also outlined other changes in its proceeds involving its Arbor Lanes project in ARCA South, Taguig, and the new Mandarin Oriental Hotel.
In the same filing, Ayala Land said proceeds allocated for Arbor Lanes were increased 46 percent to P699.2 million, while the budget for the Mandarin Oriental hotel was cut 53 percent to P559.4 million.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
