TRLEI agrees to acquire Emerald Bay Resort
Tiger Resort Leisure & Entertainment, Inc. (TRLEI), the owner and operator of the Okada Manila integrated casino, hotel, and entertainment complex, recently announced that it will be completing the partially-developed Emerald Bay Resort in Cebu, after entering into an exclusive partnership with Lapulapu Leisure, Inc. (LLI) and Lapulapu Land Corp. (LLC), the operating subsidiaries of PH Resorts Group Holdings, Inc. (PSE: PHR).
“This new venture is aligned with our strategy to increase our footprint in the Philippines, given our remarkable success with Okada Manila,” said Byron Yip, President and Chief Operating Officer of TRLEI. “We are excited to bring our signature level of hospitality and service excellence to a new and discerning market,” he added.
The resort project on Mactan Island is planned to be an integrated resort with a five-star hotel adjacent to 300 meters of beachfront, with two 15-storey towers accommodating 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with more than 700 electronic gaming machines and more than 140 tables.
Yip likewise emphasized the shared vision of TRLEI and PHR to build an “iconic, luxurious five-star integrated resort in Cebu, that will be the premier entertainment destination in the Philippines outside of Entertainment City.”
The Okada Manila owners executed an agreement with PHR’s operating subsidiaries to acquire a majority ownership of of LLI and LLC, subject to various conditions, allowing them to take over the development of the Emerald Bay Resort. The conditions include among others, the execution of a definitive agreement and the approval from the relevant governmental authorities, if any.
PHR Chairman Dennis A. Uy added, “In PHR’s partnership with Okada Manila, we hope to turn Emerald Bay Resort into a symbol for, and a catalyst of, the development of Cebu as the center of the Visayan tourism market in the Philippines.”
The terms and conditions of the transaction will be further disclosed once the parties have executed the definitive agreements, which is targeted to finish by July 2024, unless otherwise extended.
The partnership was advised by CBRE Securities.
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