Alliance sells half of tourism unit to HK firm

Alliance Global Group Inc. announced Monday that it has agreed to sell half of its tourism arm, Travellers International Hotel Group Inc., to Hong Kong-listed Star Cruises Ltd. for $335 million.

The two companies have entered into a definitive agreement, wherein Star Cruises would acquire an aggregate 50 percent stake in Travellers through its wholly owned subsidiaries.

“The agreement allow Alliance Global and Star Cruises to pursue strategic and collaborative arrangements in relation to the development and operation of leisure and entertainment projects in the Philippines,” Alliance said.

Star Cruises is Alliance Global’s partner for its participation in the Manila Bay Tourism City project of the Philippine Amusement and Gaming Corp. (Pagcor). Travellers is set to undertake the development of a gaming and hotel complex in Newport City, which forms part of the Manila Bay project.

Alliance Global, whose shares are listed on the Philippine Stock Exchange, has interests in property, food and beverage restaurants.

Star Cruises is a Hong Kong-based publicly listed company and considered the third largest cruise line operator in the world.