By James A. Loyola
Roxas and Company, Inc. (RCI) recently sold and entered into firm agreements to sell key real estate assets in Batangas for a total consideration of approximately ₱282 million.
In a disclosure to the Philippine Stock Exchange, RCI said this is part of its continuing objective of improving its net income for the year and reducing the group’s overall debt.
The RCI properties divested include a 6.67 hectare beachfront Natipuan property in Nasugbu, Batangas sold to Sta Lucia Land, Inc. and a highly sought-after 12.9 hectare eco-tourism property along the Tagaytay-Nasugbu Highway.
In addition, RCI’s wholly owned subsidiary, Roxaco Land Corporation, also sold a 2.8 hectare commercial property within the Nasugbu town proper to the SM Group for a total consideration of ₱98 million.
Last month, RCI’s hotel business unit Roxaco-Asia Hospitality Corporation (RAHC) also raised ₱411 million from the sale of its budget hotel site in Cubao, Quezon City.
RCI said RAHC decided to sell and relocate the Cubao site of its Go-Hotel franchise, to a more strategic location.
“Proceeds from the sale of Cubao site of about ₱411 million will be used to improve existing sites and lower the subsidiary’s outstanding debt until a new site has been identified,” RCI added.
RAHC operates five budget hotels under the Go-Hotel franchise. These are located in key areas in Metro Manila including Paranaque, near the three international airport terminals, North EDSA, Timog Circle, Cubao, and Malate.