FILINVEST Land Inc. (FLI) said it is acquiring condotel operator FORA Services Inc. (FOSI) for P400,000.

The acquisition will be first-ever Securities and Exchange Commission-registered condotel business to be infused into the FLI hotel portfolio under its unit Filinvest Hospitality Corp. (FHC).

“With this, FLI can capitalize on the novelty and potential of the condotel business and position itself for long-term growth,” the realtor said. 

“The acquisition also creates synergies by leveraging on the experiences and resources of both FLI and FOSI. FLI can leverage on its expertise on real estate development and management to enhance the quality and efficiency of FOSI’s condotel operations which can ultimately lead to cost savings and improved profitability,” it added.

At present, FOSI is the assigned hospitality-related services manager of FLI’s Quest Hotel Tagaytay project in Fora Rotunda Tagaytay.

“FOSI is a registered issuer of 164 certificates of participation in the project, which allows its holders to receive a payment of distributable participation interest annually and room use privilege,” FLI said.