The Securities and Exchange Commission (SEC) has approved Global One Hotel Group Inc.’s rental pool program under streamlined guidelines for real estate-related investment contracts.
Last June 11, the commission en banc resolved to render effective the company’s registration statement covering 6,340 certificates of participation in pool-sharing agreements across 12 condominium hotel projects, subject to the company’s compliance with remaining requirements.
Of the units included in the program, 4,277 have already been sold while 2,063 are still available.
The program allows participation without a joining fee and does not specify a fixed offer price.
Six of the projects located in Parañaque City, Pasay City and Cebu are already operational while the remaining developments in Iloilo, Negros Occidental, Palawan, Pampanga and Pasig City are at various stages of construction.
Under the arrangement, condominium units are leased to Global One Hotel Group, which manages the properties either directly, through a subsidiary or affiliate, or via third-party operators and offers them as hotel rooms to paying guests.
Rental pool agreements under the program are valid for 15 years and may be automatically renewed for another 15 years unless otherwise specified.
The program falls under SEC Memorandum Circular 12, Series of 2024, which implements the SEC RENT framework that streamlines the registration of real estate-backed investment contracts.
NAZYLEN JOY MABANGLO
