ALI reallocates ₱1.4B to New World Hotel

Real estate giant Ayala Land Inc. (ALI) is reallocating P1.44 billion from the sale proceeds of AREIT Inc. shares—originally earmarked for the redevelopment of Bank of the Philippine Islands’ (BPI) Ayala headquarters—to fund its acquisition of the 578-room New World Hotel.

- By JAMES A. LOYOLA

In a disclosure to the Philippine Stock Exchange (PSE), ALI announced an amendment to its reinvestment plan for AREIT share sale proceeds, removing the BPI headquarters redevelopment from the list of funded projects and replacing it with the New World Hotel.

ALI has also decided to increase the allocation for its Arbor Lanes project to P699.21 million from the original P478 million, while its budget for Mandarin Hotel has been slashed to P559.42 million from P1.18 billion.