A former CEO appears to have done exactly that, but in a grander way than most of his peers.
Based on industry chatter, this retired chief has amassed a sprawling estate-sized property in El Nido, Palawan, whose beaches are regularly ranked among the best in the world.
Along with a few partners, he now controls over 70 hectares of land—perfect for a resort-themed development.
“He got it at a very good price, too,” an industry insider said.
In a way, this ex-CEO was fortunate because his time at the corner office coincided with the company’s most prosperous years, even if those included a global pandemic.
His timing also couldn’t have been better.
The seller, who happens to be his former employer, is going through a rough patch and has put up assets for sale to fortify the balance sheet.
While the former executive appears to be living the retirement dream, his successor navigates ongoing challenges.
There was even talk the current CEO left it to the owners to decide whether they wanted new leadership. So far, they’ve expressed confidence in the management team.
Even then, the industry is watching for opportunities to scoop up deals.
Some even speculate that a prized hotel brand could be next, although that looks like a long shot since we’re told the seller would only entertain the most spectacular of offers.
It’s been a tough cycle so far, but markets have a way of turning.
If the business finds its way back to calmer waters, the tide would quickly turn in its favor.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
