By James A. Loyola
Filinvest Development Corporation (FDC) has diversified into the tourism business in Thailand with the acquisition of a firm engaged in the development of a luxury resort.
In a disclosure to the Philippine Stock Exchange, the firm said it has entered into a Share Purchase Agreement for the purchase of all the issued shares of Choengmon Real Estate Company Limited (CRE).
CRE is a limited liability company established under the laws of Thailand, which is currently developing an international five star luxury quality resort.
“The resort shall be operated by FDC’s subsidiary under the Crimson brand,” FDC said.
FDC continues to expand its hotel portfolio. The firm primarily operates its hospitality business under two brands, Crimson and Quest.
During the first nine months of the year, FDC’s hotel operations achieved a revenue growth of 25 percent to ₱2.5 billion, boosted by the opening of Crimson Resort and Spa Boracay in November 2018 and Quest Tagaytay in April 2019.
FDC’s subsidiary, Filinvest Hospitality Corporation (FHC), currently has a portfolio of six managed properties with approximately 1,800 rooms under the Crimson and Quest brands.
The group has a pipeline of 2,600 additional keys in the planning and construction stages across 10 new hotels and expansions, with a target of 5,000 keys under management by 2023.