SunTrust Home Developers Inc has entered into a loan agreement with its majority owner and Suncity Group subsidiary, Fortune Noble Ltd, that will see Fortune Noble lend a principal sum of Php7.3 billion (US$148 million) for development of a hotel and casino at Manila’s Westside City Resorts World.
The loan equals the US$148 million paid by way of three separate deposits by SunTrust to Westside City Resorts World Inc for use of the Entertainment City site upon which the hotel and casino will be developed.
According to a Friday filing with the Philippine Stock Exchange, Fortune Noble will charge SunTrust an interest rate of 5.25% per annum for the loan.
Fortune Noble, which is wholly-owned by Suncity, holds a 51% stake in SunTrust, with real estate firm Megaworld Corporation holding 43.5% and Aurora Securities the remaining 5.5%.
The group’s hotel and casino development, scheduled for completion in late 2022, is set to cost US$700 million and cover an area of around 44,000 square meters, with a building floor area of 182,000 square meters.
The project will include 400 gaming tables and 1,200 slot machines across both VIP and mass gaming, plus 400 five-star hotel rooms and 960 parking spaces. The Westside City Resorts World township will also offer additional facilities such as a Grand Theatre, shopping malls and 2,000 parking spaces.
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