PPHI had asked the GSIS to extend the lease period for the entire estate—now good for only 18 years or until 2041—to allow it to recover its investment of about P3 billion to P4 billion to refurbish the hotel, Sy said in a phone interview.
Under Veloso’s leadership, Sy said the GSIS was “very reasonable” and “receptive” to the proposed extension. Back in 2018, the past GSIS leadership tried to evict PPHI from two lots used as parking area that the hotel was accused of occupying illegally. But just last week, the GSIS and PPHI amended their contract of lease to clarify that the deal includes the original building, landsite and previously disputed complementary lots, ensuring the hotel’s ongoing operations in the Pasay City area, where it occupies more than five hectares.
Source: Insurance Report (insurancereport.net)
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