ALLIANCE Global Inc. (AGI), the holding company of business tycoon Andrew Tan, is keen on keeping a controlling ownership in Travellers International Hotel Group Inc., the unit created to participate in the ambitious Bagong Nayong Pilipino Manila Bay Tourism City project of the government.

But if talks for a partnership with Star Cruises, Ltd. materialize, AGI president Kingson Sian said the company is open to a 50-50 joint venture with the world’s third-largest cruise operator.

“Right now we are engaged in an exclusive discussion with Star Cruises. That’s why I cannot elaborate on the details yet. We expect to make an announcement next month,” said Sian.

At this stage, both companies are in the process of attending to other precedent conditions, including the conduct of due diligence and the negotiation of definitive legal agreement. 

Travellers was awarded early this month by the Philippine Amusement Gaming Corp. (Pagcor) a provisional license for its application to build a $1-billion integrated leisure and resort development with the City.

Part of the plan is to build hotels with minimum of 1,000 rooms spread out over several phases of development. A casino will also be put up to complement the hotel.  

Bagong Nayong Pilipino will sit on a 40-hectare property in the Manila Bay reclamation area and feature leisure and entertainment facilities including theme park, theaters, amusement and cultural centers, retail and gaming centers and hotels.

Pagcor aims to use the Bagong Nayong Pilipino as a catalyst to sustain the growth of the country’s tourism industry. It hopes to attract at least $4 billion in investments and generate about 100,000 jobs once the entire development is fully completed.

In its application with Pagcor, Travellers proposed to build hotels with a minimum of 1,000 rooms spread out over several phases of development.

Alliance Global has reported that its net income surged 84 percent to P910.4 million in the first quarter of 2008 from P494.2 million in the same period last year, citing strong earnings performance of its property arm, Megaworld Corp.

Alliance plans to keep control of Travellers

ALLIANCE Global Inc. (AGI), the holding company of business tycoon Andrew Tan, is keen on keeping a controlling ownership in Travellers International Hotel Group Inc., the unit created to participate in the ambitious Bagong Nayong Pilipino Manila Bay Tourism City project of the government.

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