William Gatchalian gives Waterfront Cebu, Davao, Manila hotels much needed facelift, budgets P1.65B
Waterfront Philippines Inc. has approved the renovation of its three hotels in Cebu and Davao at a cost of P1.3 billion.
Owned by family of “Plastics King” William Gatchalian, WPI plans to tap the equities and debt markets to raise funds for the renovation of Waterfront Cebu Casino Hotel (P400 million), Waterfront Airport Hotel and Casino Mactan (P450 million) and Waterfront Insular Hotel Davao (P450 million).
Funding will come from a combination of internally- generated cash, debt notes and/or issuance of unsubscribed shares through a private placement.
Another Gatchalian-owned company, Acesite Hotels Corp., approved the P350 million refurbishment of the Manila Pavillion Hotel along Roxas Boulevard.
WPI is embarking on a major expansion program to take advantage of growing tourism arrivals.