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.