philippines zest air
Posted in Philippines General Information on 09/27/2010 05:16 pm by admin
BHI subscribes to Friday MORE IN P40M
Publicly listed Boulevard Holdings, Inc. (ticker symbol "BHI") will inject an additional P40M his unit Friday Hotel in Boracay Island from inland generated funds. Friday Boracay will use the money for the acquisition of additional property in Boracay for His resort expansion.
A portion of the monies are allocated for the refurbishment and rehabilitation of its existing facilities while the business is its low period. The planned project activities are scheduled in preparation for the almost fully booked high season starts in October of this year up by June 2010 based on advance bookings received from regular and satisfied foreign and local clients.
Mauro Badiola, BHI's VP Finance, stated that the parent company regularly receives reports from its subsidiaries currently do not bode well for the performance of hotels. Boracay Island "The report of our General Manager, Mr Barry Schofield, recently indicated that tourism in Boracay is hammered by several factors: the dwindling regional visits of travelers western expats and local elite clients, the Recently stoppage since June 25 of almost all direct flights to Caticlan (and diversion in Kalibo) by zest Air, cebu Pacific and PAL because of the size planes in regard to runway safety, the swine flu news rumors rampant in the Philippines, the recent direct hits from the last few storms, and overall loss in global demand for travel services. All are suffering for now, even in the newly opened Shangri La Boracay want. "So Nevertheless, G. Badiola went on to say, "when the economy picks up even by the traditional peak travel period, the first thing people do is to reward themselves and their families with some quality but affordable vacation. We remain confident that the Philippines government tirelessly promotes his property tourism in other countries, and predict some move upward in the general tourism traffic, also as elite or budget hotel, would keep their prices affordable and reasonable, related to the amount experienced by the client. "
Another unit of BHI, Friday Boquete Island, continue to focus on the on-going construction of its 85 room Boutique Hotel in the lagoons of Puerto Galera. Projected soft opening is scheduled during the first quarter of 2010. With this in mind, the public company plans raise an additional 80 million pesos, mainly from the disposal of some of its assets abroad and from within. BHI is a stakeholder and partner of gems Cayman that owns the Hong Kong based Gems International, which in turn is a shareholder of Macquarie operating another fund manager, called ARF Investment Management Ltd., the management of Asia Resources Fund Limited (ARFL). ARFL is now in its fund raising activities. BHI company's CEO, Marcel GJ Panlilio, stated that "at some point BHI's cash is a big part of its market value, and therefore, we must channel funds to what we see as good growth but proven business as resort chain development. BHI also have a wide range of features of the beach in the Philippines, so the investment yield is not too diluted with land acquisition aspects. "
To fully complete its investment resort chain, BHI everyone wants everyone to raise about 650 million pesos, from a combination of asset disposals, with internally generated funds, and private placement to foreign private equity.
P.10 BHI closed its last trading session.
About the Author
Gem T. Atienza
PR Consultant
