Suntrust backs Westside project

While Andrew Tan’s Travellers International Hotel Group Inc. (TIHGI) is taking majority control over the development of the $1.25-billion Westside Integrated Resort (IR), its foreign-controlled partner Suntrust Resort Holdings Inc. is still infusing P3.2 billion into the project in line with its 20-percent stake.

- By JAMES A. LOYOLA

Suntrust informed the Philippine Stock Exchange (PSE) that it has subscribed to 400 million shares of TIHGI’s subsidiary Westside Bayshore Holdings Corp. (WBHC) for P8 per share, consisting of the P1 par value plus an additional paid-in capital of P7 per share.

“The acquisition forms part of Suntrust’s broader corporate restructuring plan, which involves shifting its strategic focus toward holding investments in the tourism and gaming sectors,” the company said.

It explained that Suntrust’s acquisition of 40 percent of WBHC is pursuant to a strategic working agreement with TIHGI, Westside City Inc., and Entertainment City Resorts Corp. (ECRC).