The towering structure with roughly 500 rooms was built decades ago, meaning it’s not exactly a fresh face on this prized ocean-facing strip, despite renovations some years back.
Even then, it remains a mainstay for tourists and a choice venue for discreet business meetings, thanks to its highly regarded Japanese restaurant, pastries, and well-trained staff.
What’s clear now is that the gambling giant, with billions of pesos in excess cash, is serious about purchasing the hotel.
After all, redevelopment opportunities for this project—plus a nearby casino it also acquired—helps bolster its integrated resort ambitions.
But this is where it gets interesting: this property is no distressed asset. In fact, it happens to be owned by one of the country’s richest tycoons.
We’re told this billionaire is in no hurry to sell and has grown fond of the hotel, which he regards as a precious family asset reserved for his daughter.
The buyer has so far put a considerable financial offer on the table but the tycoon has yet to bite.
So the question becomes how to buy something that isn’t for sale. It’s not impossible, but we suspect it would involve terms even a billionaire can’t refuse.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
