Anchor Land Holdings, Inc.

Luxury condominium developer Anchor Land Holdings, Inc. has acquired the historic Admiral Hotel on Roxas Boulevard from the Lopez – Araneta family for P360 million as part of its planned P4 billion investment in the prime Manila Bay area.

In a disclosure to the Philippines Stock Exchange, the firm said the acquisition was made through wholly owned unit Manila Tower Development Corporation which bought 249,999 shares of Admiral for P258.65 million and paid for P101.35 million in debt.

The funds used were sourced from the loan availed in China Banking Corporation and internally generated funds.
The owners who decided to unload the property were led by Jose Ma. Lopez and Ma. Victoria A. Concepcion. The latter is the daughter of Dona Victoria Lopez Araneta, who built the hotel along with husband Don Salvador Araneta in 1938.

Anchor Land Chairman Stephen Lee signed the sale agreement. He had personally negotiated with Lopez for the successful acquisition.

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

Li said the acquisition is the company’s important first step to make its presence felt in the 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 plans, he said, is to have all premium units in the Admiral Hotel, with all the units facing scenic Manila Bay and 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 plans.

Competed in 1939, the Admiral Hotel has seen the tenure of eleven presidents of the Philippines from President Manuel L. Quezon to President Fidel Ramos.

The Admiral Hotel served as the center of Manila’s elite during the pre – war colonial era, and as such hosted the most distinguished visitors in the country at the time, including the former US President Herbert Hoover, Britain’s Lord Mountbatten and General Douglas MacArthur, to name a few.

After the Liberation and into the early years of the Commonwealth, until the early 70’s and 80’s, the Admiral Hotel was among the most distinguished landmarks along Roxas Boulevard, and remained one of the favorites of Manila’s high society until it was shuttered in the late 1990’s.