Tuesday 22 May
Powered by Ajaxy
Sep 25, 2017 @ 10:54

Gatchalian family secures P1.5B credit line for refurbishment of Waterfront hotels


Waterfront Philippines Inc. obtained a P1.5 billion credit facility from the Philippine Bank of Communications which it plans to use to upgrade existing hotels in Manila, Cebu and Davao.

The company earlier alloted P1.65 billion for the renovation of the Manila Pavilion (P350 million), Waterfront Cebu City Casino Hotel (P400 million), Waterfront Airport Hotel and Casino Mactan (P450 million), and Waterfront Insular Hotel Davao (P450 million).

The loan was secured by a real estate mortgage and chattel Mortgage over various operating assets as well as shares of stocks in the four hotels and commercial lots.

WPI is upgrading its hotels to take advantage of the growing tourism industry.

Tags: , , , , , , , , , , , ,

Related Stories
Waterfront Philippines Inc. has approved the renovation of its three hotels in Cebu and Davao
This bank is beefing up its game.
GNPower Mariveles Coal Plant Ltd. Co. (GMCP) executed a $800 million notes facility agreement with
The Bureau of the Treasury has given in after the long legal battle.


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.