Roxaco Land Corp., the property development arm of Roxas and Company Inc., signed a joint venture agreement with the Sandoval family to develop an 87-hectare property in Busuanga, Palawan into a master planned resort estate.
RCI chairman Pedro E. Roxas said in a recent interview the project called Sananda Bay would be implemented in phases and would target various segments of the market including local tourists, business travelers and foreign visitors looking for quality resorts in Palawan.
The parties will initially develop 20 hectares of the property starting 2018.
The master plan for the property is still being finalized, including the planned capital spending.
Roxas said Roxaco would have a 90-percent stake in the joint venture while the Sandoval family, who owns the land, would take a 10-percent stake.
This will be the third leisure resort development of Roxaco, after Anya Resort and Residences in Tagaytay City and Punta Fuego in Batangas.
Roxaco in joint venture with Singapore-based Vanguard Hotels group recently opened its fourth Go Hotel in Ermita, Manila.
The Go Hotels Ermita-Manila, under license with Robinsons Land Corp., will have 219 rooms and other facilities that will cater to both domestic and international travelers.
Roxaco-Vanguard already operates Go Hotels North Edsa-Quezon City, Manila Airport Road-Parañaque and Cubao, Quezon City branches. Slated to open in early October is Go Hotels in Timog, Quezon City. These five Go Hotels will have more than 1,000 hotel rooms.
Roxas said after the opening of five Go Hotels, the company would evaluate plans to build more hotels across the country, particularly in key cities outside Metro Manila.
“We will evaluate the performance of the first five hotels but we will look if we can do another five outside Metro Manila,” Roxas said.