Anchor Land Holdings, Inc.

LISTED realty firm Anchor Land Holdings, Inc. yesterday said that it has acquired the historic Admiral Hotel along Roxas Boulevard from the Lopez – Araneta family as part of its planned P4 billion investment in the prime Manila Bay area.

Anchor Land acquired Admiral Hotel for P360 million.

The owners who decided to unload the property were led by Jose Ma. Lopez and Ma/ Victoria Lopez – Araneta, who built the hotel along with husband, don Salvador Araneta in 1938.
Anchor Land was represented by its chairman Stephen Lee, who personally negotiated with Lopez.

The sale was concluded last Friday.

ALHI vice chairman Steve Li said the company plans to redevelop the property into a boutique hotel, as well s put up an upscale residential condominium beside the original structure, with a resulting twin tower development.

I said the acquisition is the company’s important first step to make its presence felt in Roxas Boulevard area, adding that Anchor Land will pour in up to P4 billion for the project over the next few years.

Part of the plan, he said, is to turn Admiral Hotel into an – all premium unit hotel, with each room facing the scenic Manila Bay and giving a view of its famous sunset.

Li said the Admiral Hotel investment is part of Anchor Land’s strategy to strengthen its position in the upscale condominium market. He said the hotel’s historic past will be a prime consideration in the development plan.

The company said that it has allocated P2.5 billion for capital expenditure this year, mostly for the acquisition of properties in various areas in Metro Manila for future development.

Li said that aside from Admiral Hotel, they have several other big projects already in the pipeline, including the 55 – storey Anchor Sky Suites in Binondo, Manila, which is to become the tallest structure in the Chinatown district.