AREIT Inc. (AREIT) has completed the acquisition of Seda Lio in El Nido, Palawan, from Ayala Land Inc.’s subsidiary Econorth Resort Ventures Inc. for P1.19 billion cash.
Seda Lio is a 153-room resort hotel that caters primarily to leisure tourists, families, social and corporate events, and other visitors.
With the acquisition, AREIT will earn a guaranteed building lease from the hotel operator, Econorth Resort Ventures, over the next 25 years beginning January 2024. This transaction is part of AREIT’s 2024 growth plans, which includes infusions from its sponsor, Ayala Land Inc. (ALI), of its flagship buildings in the Makati CBD, Ayala Triangle Gardens Tower 2 – ALI’s most premium headquarter-office located at the corner of Paseo de Roxas and Makati Avenue, luxury mall Greenbelt wings 3 and 5 and Holiday Inn and Suites at Ayala Center, Makati, and Seda Hotel at Ayala Center Cebu, worth P21.8 billion.