Publicly held company Waterfront Philippines, Inc. on Wednesday, March 2, 2022, said it will seek a loan of up to P3.05 billion to finance the renovation of its hotels and refinance its loan obligation that will fall due in September.
The proceeds from this fresh loan will also be used as equity investment by way of subscription to its wholly owned subsidiaries for the purpose of purchasing or acquiring land for the expansion of its hotel operations.
In a disclosure to the Philippine Stock Exchange Tuesday, Waterfront said its board of directors authorized during its meeting on March 1 the move to secure additional loan from the Philippine Bank of Communications.
Part of the proceeds will go to the renovation of Waterfront hotels in Cebu City, Mactan Island (Cebu) and Davao.
The company operates the Waterfront Cebu City Hotel and Casino in Lahug, Cebu City, Waterfront Airport Hotel and Casino in Mactan, Cebu, and Waterfront Insular Hotel Davao in Davao City. It also operates the Waterfront Manila Hotel and Casino in Ermita, Manila.
The Lahug hotel is the biggest in Cebu in terms of facilities. It has 561 rooms and suites, and nine food and beverage outlets, Its convention center has a seating capacity of up to 4,000 and offers four function rooms and two grand ballrooms.
The airport hotel, which is located across Terminal 1 of the Mactan-Cebu International Airport, has 164 rooms and suites. (Marites Villamor-Ilano/Ventures Cebu)