The board of Gotianun-led Filinvest Development Corp. (FDC) has approved the merger of several wholly-owned hospitality arms of the company to streamline its operations.
The merger is an internal corporate restructuring initiative intended to streamline the
organizational and operational structure of the Filinvest Group’s hospitality business.
The said firms 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 Cityscapes Inc.
Filinvest Hospitality Corp. will be the surviving entity.
‘The transaction only involves the consolidation of unlisted subsidiaries and no new shares of FDC will be issued as a result of the merger. The transaction will be accounted for as a transaction between entities under common control and is expected to have no material financial effect on the consolidated group upon completion,’ the company said in its disclosure. For the first half of the year, revenues of FDC’s hospitality group grew 7 percent to P2.2 billion.
FDC attributed this to higher occupancy, higher volume and spend per guest, as well as improved contributions from the food and beverage segment across its portfolio.
The company has seven hotels with 1,800 rooms, and two 18-hole golf courses situated in Filinvest Mimosa Plus Leisure City in Clark, Pampanga.
The company operates three homegrown brands: Crimson, Quest, and Timberland Highlands.
For the first half, FDC’s attributable net income jumped 34 percent to P7.43 billion from the previous year’s P5.54 billion, mainly driven by robust top line growth and improvements in gross and operating margins across most of the business segments.
The hospitality segment accounted for only 2 percent of the total or P204.9 million, a 33- percent increase from the same period last year.
‘We sustained our strong growth momentum in 2024 to the first half of 2025. All our business units contributed to this performance despite several challenges. We are striving to deliver strong results for the entire year. We are harnessing the energy of the organization to continuously grow the business despite some headwinds,’ FDC President and CEO Rhoda A. Huang said.