Mid-year News: What’s up with Ayala?

• Ayala Land will jointly develop a 7,377-square meter property into a luxury hotel complex with Kingdom Hotel Investments. The project, (costs approximately US$153 million) will be composed of a 300-room Fairmont Hotel, a 30-suite Raffles Hotel, and 189-unit Raffles-branded private residences. KHI is a hospitality related equity company with partnership with hotel operators such as Four Seasons Hotels and Resorts, Fairmont Hotels and Resorts, Raffles Hotels and Resorts, and Movenpick Hotels and Resorts. It is owned by Prince Alwaleed bin Talal bin Abdulaziz Alsaud, who is a member of the Saudi Royal family.

• Ayala Hotels, Inc. and joint venture partner Ocmador Philippines BV sold their stake Oakwood Premier Ayala Center to Singapore-based Ascott Residence Trust for P2.7 billion (US$ 54 million).

• Ayala Land is currently constructing Dela Rosa E-Services Building. The 24-storey building will rise on the 3,600-square meter property in the CBD and will have a floor plate of around 3,300 square meters. The project is being developed by the partnership of Ayala Land with the investment arm of Goldman Sachs and an affiliate of Capmark Asia