MANILA, Philippines — 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.
In a stock exchange filing, PH Resorts said the hotel in Panglao, which was owned by its wholly owned subsidiary Donatela Hotel Panglao Corp. (DHPC), ceased operations at the end of Sept. 30.
Situated on 7.2 hectares of land, Donatela Resort is a boutique-style, upscale hotel that commenced operations under new ownership in January 2018.
In 2018, Landbank, formerly United Coconut Planters Bank, granted DHPC a P975-million loan with a 10-year term, which the company used to refinance the acquisition of the hotel.
PH Resorts said land and improvements comprising the hotel, which were mortgaged as collateral for DHPC’s loan obligations with Landbank, were subjected to extrajudicial foreclosure proceedings.
Landbank was declared the highest bidder because no other bidders participated in the foreclosure auction.
“While DHPC has not yet received the official certificate of sale from the appropriate court, DHPC shall officially close the hotel and turn over the possession of the property to Landbank by end of day on Sept. 30, 2026,” PH Resorts said.
PH Resorts said the development is part of the company’s ongoing restructuring and that of its parent, Udenna Corp.
This involves transferring the company’s entire ownership interest in PH Travel and Leisure Holdings Corp. to Udenna.
“Considering that the proposed restructuring is intended to relieve the company of its legacy obligations, this development will not have a material impact on the company and its financials after the restructuring is approved and implemented,” PH Resorts said.
The company is aiming to restore its stockholders’ equity to a positive position within two years, taking into account the completion of the proposed restructuring.
As of end-June, PH Resorts reported negative consolidated stockholders’ equity of P5.95 billion.
The group attributed the negative equity primarily to significant losses incurred in prior years.
PH Resorts said current liabilities also exceeded its current assets by approximately P4.01 billion as of end-June.