Businessman Alfredo Yao is investing around P1.5 billion to expand the capacity of luxury resort Sol Marina Resort in Boracay Island, as part of plans to scale up his tourism-oriented real estate portfolio.
Apart from the expansion of Sol Marina in Boracay, Yao said he was bringing the Sol Marina brand to Coron in Palawan and would put up a hotel under a different brand in Baguio City.
For Boracay, Yao said the 3.5-hectare property formerly known as Club Panoly was being redeveloped to increase capacity to 350 rooms from the current 50 rooms.
“Expanded Boracay (property) will be open by June this year,” Yao told the Inquirer, estimating the additional investment in this property at P1.5 billion.
On the other hand, Yao said the Coron and Baguio ventures were still at the designing stage.
As such, he said he could not say yet how much investment is needed in these new tourism ventures.
“Coron will have the same branding (Sol Marina),” Yao said. “For Baguio, we might have another brand.”
Yao brought Club Panoly in Boracay about two years ago, at about the same time that he was working on the stock market debut of his banking arm Philippine Business Bank and talking to investors in budget carrier Zest Airways.
Malaysian low-cost carrier AirAsia eventually bought into the airline, which became AirAsia Zest.