Filinvest forms subsidiary for hotel, resort business

MANILA, Philippines - The Gotianun group is joining a list of other conglomerates to venture into the tourism industry. Filinvest Development Corp., the holding company of the Gotianun family and one of the Philippines' wealthiest, told the Philippine Stock Exchange that it has filed an application for the incorporation of Seascapes Resort Inc., which will engage in the hotel and resort business. SRI, with an authorized capital stock of P100 million, shall be a wholly owned subsidiary of FDC. The Filinvest group has recently partnered with international hotel chain Aston Hotels & Resorts for its Cebu condotel and resort businesses. Filinvest, which is mainly known for its real estate business, is targeting to start the operation of Grand Cenia Condominiums, a condotel, by the first quarter of 2011. A premier resort- Seascapes Resort Village will be on Mactan Island. The group will also build its first hotel in Mindanao, particularly in Davao City. Andrew Tan-led Alliance Global Group and SM Investments Corp., the holding company of mall tycoon Henry Sy , are among the major investors in the entertainment and gaming complex by state-run Philippine Amusement and Gaming Corp. Cheryl M. Arcibal, GMANews.TV