Max’s Group Announces Sale of Meranti Hotel
Max’s Group, Inc. (PSE: MAXS), the country’s largest casual dining restaurant group, reported today the confirmation of the sale of its entire equity interest in wholly-owned subsidiary Room Ventures Corp. (“RVC”). The execution of implementing documents remains subject to a number of conditions precedent.
RVC owns and operates the multi-awarded Meranti Hotel located in Quezon City, Metro Manila. Opened in 2015, the 59-room, 12-storey development was MGI’s sole venture into the hotel business.
President and CEO, Robert F. Trota, remarked, “Our decision to divest from Room Ventures Corp. represents another step in our efforts to make MGI more streamlined, cost effective, and focused on its core business.”
As the Company bolsters its authority in the casual dining market, it is dedicated to enhancing the efficiencies and systems of its restaurant operations. MGI had just disclosed its investment in a new food manufacturing and distribution center in Cavite which will future-proof the Company’s continuous store expansion.
At present, MGI’s store count totals 706 branches, with 59 across various territories in North America, the Middle East, and Asia.
About Max’s Group, Inc.
Max’s Group, Inc. (PSE: MAXS) traces its heritage to the beginning of Max’s Restaurant in 1945. Today, Max’s Group is the largest operator in the Philippine casual dining segment. Its family of brands include Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, Maple, Kabisera, Le Coeur De France, and Singkit.