Anchor Land sets Php 1-B to develop 5-star boutique Admiral Hotel

By Leslie D. Venzon

MANILA, March 26 (PNA) — Luxury property developer Anchor Land Holdings Inc. is spending Php 1 billion to revive the historic Admiral Hotel into the country’s first five-star boutique hotel over the next two years.

“Hopefully, by the third quarter of this year, we will start our work. We will try to finish in two years time,” Anchor Land vice chairman Steve Li told reporters.

Li said his company has sealed a partnership with the world’s leading hotel operator Accor group which will manage the upscale 53-storey condominium hotel located along the Roxas Boulevard in Manila.

“We are delighted that the Admiral Boutique Hotel will join the MGallery collection of unique hotels,” said Patrick Basset, chief operating officer for Accor Thailand, Vietnam, South Korea, Cambodia, Laos, Myanmar and the Philippines.

The Admiral boutique hotel will be the first MGallery hotel in the Philippines. Apart from MGallery, Accor’s broad portfolio of hotels includes Sofitel, Pullman, Grand Mercure, Novotel, Suite Novotel, Mercure, Adagio and hotelF1.

Li also bared that Anchor Land is earmarking P5 billion in capital expenditures to launch two new residential projects in Manila and two warehouses projects in Binondo and Baclaran this year.

“We have 11 projects in different stages. The four (projects) will be finishing or turnover within this year,” he said.

To boost its landbank initiatives, Li said they are also looking to other opportunities outside Metro Manila. (PNA)