Legazpi Savings Bank keen on selling Andy’s Point Hotel in Sorsogon

Andy’s Point Hotel is located along the Maharlika Highway in Brgy. Piot. Image via Business Mirror.

SORSOGON CITY—The Legazpi Savings Bank (LSB) is still keen on selling Andy’s Point Hotel formerly owned by the Albay-based Liao family after its foreclosure in 2011 due to unpaid debt amounting to P12 million, LSB Sorsogon Branch Operation Officer Jose Hector Monje said in an interview on May 27.

The selling price is pegged at P15 million, Monje told the BusinessMirror. The negotiation is being entertained at the bank’s head office in Albay since the account was transferred there.

The property’s lot area is more than 5,000 square meters, he said. Andy’s Point Hotel has 15 rooms and a function hall.  Its land is L-shaped. A wide space runs between the hotel and the function hall. A bigger space separates the function hall from the perimeter fence.

The property has also a 10-door two-level apartel separated by a high wall from the hotel, Monje said. Ruins of old buildings sit next to it. The ruins are situated immediately next to the city’s main street. The area that holds them is equal the space of a medium-size food-chain branch in Manila.

The 10-door apartel used to accommodate transients and business agents doing transactions in the city, he said.

Ginebra San Miguel Corp. has showed signs of interest in buying the property, Monje said.

International businesswoman Loida Nicolas Lewis, owner of Lewis College in the city, appears more interested, he said. Her representatives visited the properties on different occasions for ocular inspection.

But no deal has been closed yet with Lewis, Monje said.

“Lewis is negotiating for the lower price of P14 million,” he said.

Lewis is a native of Sorsogon widowed by “a Wall Street financier,” the late Reginald Lewis. She is deemed the richest woman in the province.

“She is a billionaire in the United States,” Monje said.

Andy’s Point Hotel had operated for 15 years before the bank foreclosed it, Monje said. Its function hall, which was built just recently, had played host to local beauty pageants, weddings, concerts and other social gatherings for three years.

The hotel was also frequented by local politicians, he said. Arvin Liao, one of the original owner’s children, served as barangay captain of Piot.

Prudencio Docog Jr., a caretaker of the property, said Andy’s Point was a well-known hotel in the city.

The late Andy Liao, an engineer, built the hotel in 2003, Monje said. He managed the business with good results for 10 years until his death.

His children took over and managed the business for five years until it incurred in 2009 an accumulated debt of P12 million to LSB.

“They were given one year to redeem it, but they were not able to do so,” he said.

In 2011 Andy’s Point Hotel was foreclosed by LSB, Monje said.

Monje said the bank is keen on selling the property.

But if the property cannot close a deal until 2014, the Robinsons Bank Corp. will pursue its plan of developing the area, Monje said.

“RobinsonsBank Corp. bought LSB in September 2012,” Monje said.

“LSB is now a RobinsonsBank.”

Original article is published at Business Mirror on May 29, 2013.

This entry was posted in Economy and Business, News and tagged , , , , , . Bookmark the permalink.

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