Suntrust Home Developers, Inc. Enters into Lease Agreement with Westside City Resorts World Inc. and Travellers International Hotel Group, Inc
February 26, 2020 at 10:09 pm EST
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On 21 February 2020, Suntrust Home Developers, Inc. (SUN) entered into a Lease Agreement Westside City Resorts World Inc. (Westside City) and Travellers International Hotel Group, Inc. (Travellers), over the Project Site, consisting of portions of three parcels of land located at Manila Bayshore Integrated City, Parañaque City, as contemplated in the Co-Development Agreement between SUN and Westside City. The Lease Agreement is subject to conditions precedent, including obtaining by Suncity Group Holdings Limited (Suncity Group) of the necessary approval of its shareholders to the Lease Agreement and the transactions contemplated thereon. It is also subject to announcement requirements of the Hong Kong Stock Exchange. The Lease Agreement provides for an original term of until 19 August 2039, renewable automatically, subject to applicable laws, for another 25 years. Further renewal or extension may be agreed upon by the Parties. Annual rental will be in the amount of USD 10,600,000, exclusive of the applicable value-added tax, payable in two instalments or on a semi-annual basis (or every 6 months basis). In the event of non-payment of the Annual Rental on the due date, the Lessee will be liable to pay an interest penalty equivalent to one percent (1%) per month plus surcharge equivalent to 1% per month of the unpaid amount. The Lessee may assign or transfer its rights under the Lease Agreement and sub-lease all or any part of the Project Site, with the prior approval of the Lessor (except that notice to the Lessor shall be sufficient if the assignee, transferee, or sub-lessee is a subsidiary of the Lessee), and will have the right of first refusal, subject to relevant laws, in the event Lessor acquires the Project Site and decides to sell it. The Main Hotel Casino shall be located at and constructed and developed on the Project Site. By the Lease Agreement, SUN, as Lessee, is given by the Lessor, Westside City and Travellers, the right to use the Project Site.
Travellers International Hotel Group Inc is a Philippines-based developer and operator of Resorts World Manila, an integrated tourism resort in the Philippines. It is developing several new hotels and other gaming and non-gaming attractions at Resorts World Manila. Its offerings include hotels, restaurants, shopping, Newport cinemas, shows and events, nightlife and casino. Resorts World Manila is an approximately 11.5-hectare integrated tourism resort owned by the Company that is strategically located across from the Ninoy Aquino International Airport (NAIA) Terminal 3 (NAIA-3) in Pasay City, Manila and approximately five kilometers away from each of NAIA Terminal 1 (NAIA-1) and NAIA Terminal 2 (NAIA-2) and directly linked to Makati. The Companyâs subsidiaries include APEC Assets Ltd. (APEC), Bright Leisure Management, Inc., Grand Venture Management Services, Inc. Grand Services, Inc., Grand Integrated Hotels and Recreation, Inc. and Newport Star Lifestyle Inc.