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Friday, March 9, 2007


ALI to build Makati hotel complex

By Likha C. Cuevas, Reporter

AYALA Land Inc. (ALI), the Philippines’ biggest property developer, signed on Thursday a deal with Dubai-based Kingdon Hotel Investments (KHI) for the development of a luxury complex at the heart of the country’s commercial and financial district.

In a disclosure to the Philippine Stock Exchange, ALI said it forged the agreement with a wholly owned subsidiary of KHI to jointly develop a 7,377-square meter property on Makati Avenue corner Arnaiz Avenue.

From the site will rise a luxury complex that would include a 300-room Fairmont Hotel, a 30-suite Raffles Hotel and 189-room Raffles-branded private residences. ALI said the project will cost about $153 million.

KHI was founded by Prince Alwaleed bin Talal bin Abdulaziz Alsaud, a member of the Saudi royal family, and is also a majority shareholder and chairman of the company. KHI is into the development, acquisition, financing and management of high quality hotels in key cities and resort destinations in the Middle East, Africa, Eastern Europe and Asia.

Prince Alwaleed owns real estate interests in hotel and resort properties in various parts of the world. He also has significant equity investments in leading international hotel management companies that include Four Seasons Hotel and Resorts, Fairmont Hotels and Resorts, Raffles Hotels and Resorts, and Mövenpick Hotels and Resorts.

Apart from its hotel complex project, ALI is also set to open the Trinoma mall located at the corner of North Avenue and EDSA in Quezon City this year.

Other projects would start this year include the development of residential subdivisions in the cities of Iloilo, Cagayan de Oro and Cebu.

ALI also plans to start the construction of a new shopping center in Angeles City, Pampanga, near the North Luzon Expressway Angeles exit.

The facility would have some of the features of its existing malls like Greenbelt and Glorietta.



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