Anchor Land buys Manila Bay hotel, diversifying from residential devt

MANILA, Philippines - High-end developer Anchor Land Holdings Inc. has acquired a historic hotel along Roxas Boulevard as part of its investments in Manila Bay and its formal step to diversify from residential development. The listed developer has acquired the historic Admiral Hotel from the Lopez-Araneta family, a move that forms part of its planned P4 billion investment in Manila’s famous bayfront. The parties signed all pertinent acquisition documents last Friday, June 26, at the Anchor Land offices in Makati, concluding weeks of negotiations, the company said in a statement. The owners who decided to sell the property were led by Jose Ma. Lopez and Ma. Victoria A. Concepcion. The latter is the daughter of Doña Victoria Lopez Araneta, who built the hotel along with husband Don Salvador Araneta in 1938. Anchor Land was represented by Chairman Stephen Lee, who personally negotiated with Lopez for the successful acquisition. The company plans to redevelop the property into a boutique hotel, as well as put up an upscale residential condominium beside the original structure, resulting in a twin tower development, ALHI Vice Chairman Steve Li said. The acquisition is the company’s important first step to make its presence felt in the Roxas Boulevard area, adding that Anchor Land will pour in up to P4 billion for the project over the next few years. All premium units in the Admiral Hotel will face scenic Manila Bay and its famous sunset, he said. Its acquisition of Admiral Hotel is part of the company’s strategy to strengthen its position in the upscale condominium market, he said. The hotel’s historic past will be a prime consideration in the development plans. The company said that it has allocated P2.5 billion for capital expenditures this year, mostly for the acquisition of properties in various areas in Metro Manila for future development. Besides Admiral Hotel, the company has several other big projects already in the pipeline, including the 55-storey Anchor Sky Suites in Binondo, Manila, which is to become the tallest structure in the Chinatown district. Completed in 1939, the Admiral Hotel has seen the tenure of eleven presidents of the Philippines from President Manuel L. Quezon to President Fidel V. Ramos. The Admiral Hotel served as the center of Manila’s elite during the pre-war colonial era, hosting most distinguished visitors in the country at the time, including former US President Herbert Hoover, Britain’s Lord Mountbatten, and General Douglas MacArthur, to name a few. After the Liberation and into the early years of the Commonwealth, until the early 70s and 80s, the Admiral Hotel was among the most distinguished landmarks along Roxas Boulevard, and remained one of the favorites of Manila’s high society until it was shuttered in the late 1990s. - GMANews.TV