Ayala Land Buys Philippine Hotel From Cash-Strapped New World
Ayala Land—controlled by tycoon Jaime Zobel de Ayala and his family—has acquired Hong Kong-listed New World Development's hotel in the heart of the Makati business district as the Philippine developer expands its hospitality footprint amid a tourism boom.
The 578-room New World Hotel Makati will be operated by Ayala Land's hospitality and resort unit, the builder, a unit of the Zobel de Ayala family's Ayala Corp., said in a statement without disclosing the transaction's amount.
The sale coincides with the announcement that New World Development, controlled by the family of billionaire Henry Cheng, has concluded a HK$88.2 billion ($11.2 billion) debt refinancing deal, providing a reprieve to the cash-strapped builder. New World opened its sole hotel in the country in 1994 on land leased from Ayala Land.
The acquisition of New World Makati bolsters the presence of Ayala Land in the Makati financial district, in which the developer has initiated major upgrading projects, including the redevelopment of its oldest retail complex. Many of the group's prime properties including hotels, upscale shopping malls and office buildings are in Makati.
'This move reflects our continued focus on offering a cohesive and high-quality guest experience across key locations,' said George Aquino, CEO and President Ayala Land Hospitality. 'The addition of New World Hotel Makati complements our existing portfolio and reinforces our commitment to serving evolving customer needs in one of the country's most dynamic cities.'
Ayala Land said in March that it will spend $500 million to almost double its hotel rooms to 7,500 by 2030 to ride the nation's tourism boom. The builder, which then said that it had 4,000 hotel rooms, will reinvest in flagship hospitality properties, modernize its Seda business hotels and upgrade its El Nido Resorts in the idyllic Palawan islands while building new hotels and resorts.
With a net worth of $2.6 billion, the Zobel de Ayala family is among the wealthiest in the country. From a distillery founded by the grandfather of Jaime Zobel de Ayala in 1834, Ayala Corp., the oldest Philippine conglomerate, has expanded into banking, real estate, healthcare, schools, telecommunications and energy.
Cheng and his family had $19.5 billion in net worth when Forbes Asia published Hong Kong's rich list in February. Aside from New World Development, the family holds a controlling interest in Chow Tai Fook Jewellery Group.
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