SINGAPORE – Jones Lang La Salle has successfully advised on the sale of the Fairmont Hotel and Raffles Suites & Residences Makati development to Ayala Land Hotels and Resorts Corp., a wholly owned subsidiary of Philippines-based Ayala Land Inc. (ALI). Jones Lang La Salle hotels acted on behalf of the vendor, Saudi-owned Kingdom Hotel Investments (KHI).
Located within the Makati City central business district, the property enjoys a sought after corner position with spectacular views of the city and Manila Bay. Scheduled to open in December 2012, the property will be one of the country’s finest hotels, offering a 280-room Fairmont Hotel, a 32-shite Raffles Hotel, 237 luxury Raffles Residences as well as eight food and beverage outlets, two outdoor swimming pools, a spa and fitness center and more than 1,100 sqm of designated event space.
Scott Hetherington, chief executive officer Asia, Jones Lang La Salle Hotels said: “This milestone transaction in the Philippines underpins the strength of investor appetite that exists for well-located, internationally-branded assets around the region. The sale also signals the exceptional return opportunities available to investors in growth markets such as the Philippines, which enjoys a well diversified and growing tourist base of high spending travelers.”
Jones Lang La Salle Philippines Country head David Leechiu adds, “This transaction is the beginning of significant investor interest in hotels and hospitality, complementing keen interest in real estate as a whole. We are anticipating a boom in our tourism sector and Jones Lang La Salle is well placed to capitalized on this growth by drawing on its global knowledge base and local expertise to assist existing owners, buyers and sellers.”