Gotianun-led Filinvest Development Corp. (FDC) announced that its board of directors has approved a plan to merge eight wholly-owned subsidiaries under its hospitality division as part of an internal corporate restructuring.
The eight entities will be merged under FDC’s wholly-owned subsidiary, Filinvest Hospitality Corp. (FHC). The subsidiaries are Boracay Seascapes Inc., Dauin Seascapes Inc., Duawon Seascapes Resort Inc., Dumaguete Cityscapes Inc., Gensan Cityscapes Inc., Mactan Seascapes Services Inc., Princesa Cityscapes Inc., and Zamboanga City-scapes Inc.
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The move is intended “to streamline the organizational and operational structure of the Filinvest Group’s hospitality business,” FDC said in a disclosure to the stock exchange Tuesday.
The conglomerate noted the merger involves only unlisted subsidiaries, and no new FDC shares will be issued. The transaction will be accounted for as one between enti-ties under common control and is not expected to have a material financial effect on the consolidated group.
FDC formed FHC in 2021 to serve as the primary developer and owners’ representative of group-owned hotel and resort properties. As of the end of 2024, FHC operates a total of 1,751 keys across the country, including the 470-room Quest Hotel in Cebu, the 345-room Crimson Hotel in Alabang, and the 304-room Quest Plus in Clark, Pampanga.
During the first half of the year, FHC’s net income jumped 33 percent to P204.9 million, while revenues went up 7 percent to P2.18 billion. The growth was attributed to higher room revenues from improved occupancy, growth in the food and beverage segment, and higher spending per guest in other revenues, such as at Mimosa Golf.
Aside from hospitality, FDC also has investments in banking, real estate, sugar, and power generation.
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