By Lorenz S. Marasigan
LISTED Premiere Horizon Alliance Corp. (PHA) has sold 32 percent of its stake in FirstArdent Property Development Corp. to an undisclosed property company for P45 million.
According to a filing to the local bourse, the buyer is “a property company that partly owns another hotel” in Makati City. FirstArdent is a real-estate company that owns a number of hotel rooms in Y2 Hotel, a 21-story, 169-room boutique hotel in the Makati Central Business District.
The company invested in Y2 Hotel when it opened in 2014. In the past two years, Y2 Hotel has enjoyed an annual average-occupancy rate of 80 percent and 88 percent, in 2014 and 2015, respectively.
“PHA’s board approved the sale as part of the company’s consolidation strategy as it focuses on its core businesses geared toward countryside development,” the listed company said in the disclosure.
The firm engages in services such as construction works for mining, real-estate development, environmental protection and remediation.