Philippines Resorts closes Donatela Resort in Bohol
PH Resorts Group Holdings Inc. of Davao-based businessman Dennis Uy has permanently closed its Donatela Resort and Sanctuary in Bohol after losing the property to Land Bank of the Philippines.
Philippines Resorts Group Holdings Inc., owned by Dennis Uy, has permanently closed its Donatela Resort and Sanctuary in Bohol after losing ownership of the property to Land Bank of the Philippines. The hotel, located in Panglao and owned by its subsidiary Donatela Hotel Panglao Corp., ceased operations at the end of September 2022.
Situated on 7.2 hectares of land, Donatela Resort was an upscale boutique hotel that began operations in January 2018. In 2018, Landbank provided DHPC a P975-million loan, which the company used to refinance the hotel's acquisition. The hotel's land and improvements, which were mortgaged as collateral for the loan, were subject to extrajudicial foreclosure proceedings, with Landbank winning the auction as the highest bidder.
PH Resorts reported that the closure is part of the company's ongoing restructuring and its parent company, Udenna Corp. This restructuring involves transferring PH Resorts' entire ownership in PH Travel and Leisure Holdings Corp. to Udenna. The company aims to restore its stockholders' equity to a positive position within two years, despite the completion of the proposed restructuring.
As of June, PH Resorts had negative consolidated stockholders' equity of P5.95 billion, primarily due to significant losses in prior years. Current liabilities also exceeded current assets by approximately P4.01 billion as of June.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
