Boulevard Holdings in talks to develop parts of Puerto Azul resort

MANILA, Philippines - Boulevard Holdings Inc. (BHI), the owner and operator of Friday’s Boracay Island Beach Resort, is in talks with various groups to develop other parts of the Puerto Azul resort in Cavite.

BHI, controlled by the family of Jose Marcel Panlilio, told the Philippine Stock Exchange yesterday that it was finalizing discussions with a large publicly-listed conglomerate to develop the 21-hectare Crestagrande seaside property, a project of soon-to-be-acquired Cala Paniman Inc.

Established in 2003, Cala Paniman is located in Cavite province.

The Crestragrande project calls for vertical and horizontal development from which the BHI subsidiary will get a 20 percent to 32 percent share plus coverage from the revenues.

The unnamed listed conglomerate will also undertake a 10-year joint venture partnership on a non-exclusive tenure with Cala in the Puerto complex, requiring front end monies for subsequent parcels of mutual choice.

BHI said it is also in the last stages of negotiations with Resom Resort, the largest time share group in Korea, with respect to the proposed 40-year lease of 100 hectares of the Paniman property to develop the Robert Trent Jones Jr. – designed golf course and 200 key semi-branded hillside resort hotel.

“Final talks are set in Korea in the first week of September. Part of the 100 hectares is directly owned by BHI, “ the company said.

BHI said it was also in talks with two other large publicly-listed conglomerates for master partnership or outright sale of the Puerto Azul complex. “But the focus is on local partners and foreign ones, who have the synergies and skills to execute the masterplanned vision of the founder,” BHI said.

Cala will be developed by BHI as co-master partner, as vehicle for resort projects.

Established on July 13, 1994, Boulevard Holdings has primary interests in hotels and resorts and tourism-related businesses, companies involved in information and technology, and investments in strategic land locations and rentable real estate properties. Its subsidiaries are significant market leaders in their respective market niches for their products, catering to premiere and elite clients to maintain relatively higher profit margins.