Tuesday, July 15, 2008 Unionbank to extend loans to resort investors
UNIONBANK of the Philippines recently signed an agreement with Philippine-BXT Corp., pre-approving end-user financing for the investors of the Imperial Palace Waterpark Resort and Spa in Maribago, Mactan.
Present at the signing last May 28 were Lee Hyun Do, chief finance officer of PhilBXT Corp. and Jose Levi Villanueva, senior vice president UnionBank of the Philippines.
UnionBank seeks to cater to the specific needs of its customers, providing clear-cut technology driven solution to meet their requirements.
Through end-user financing, investors of the five-star resort hotel may acquire their units with an option to pay in full or pay a downpayment and have the balance financed thru Unionbank under agreed terms.
Minimum loanable amount is P 500,000 for a minimum loan term of one year.
The Imperial Palace is a brand new development located on an eight-hectare property in Maribago, Mactan Island. It is owned and operated by Korean stakeholders of Philippine-BXT Corp.
Phil-BXT has tapped the services of Imperial Palace Hotel in Seoul to run and manage the resort.
The world class five-star resort hotel has been accorded “pioneer status” by the Department of Tourism.
Imperial Palace Water-park Resort and Spa will have a total of 556 rooms; 425 of which are hotel suite rooms in six medium-rise buildings. There will also be 24 two-story pool villas.
Investors can enjoy an eight percent guaranteed return of investment on the first three years of operation and a share of the total rooms’ revenue from year four onwards. (PR)
