HOTEL and leisure investment holding firm Waterfront Philippines Inc.’s board has approved the use of a P1.5-billion credit line from the Philippine Bank of Communications (PBCOM), which will be secured by various assets of the company and its subsidiaries.
PBCOM had previously approved a P1.5-billion credit line for Waterfront Philippines Inc., Waterfront Cebu City Casino Hotel Inc., Waterfront Mactan Casino Hotel, Inc., Davao Insular Hotel, Co., Inc., Pacific Rehouse Corporation and Crisanta Realty Development Corporation.
Waterfront Philippines told the stock exchange that the amount will be secured by real estate mortgage and chattel mortgage over various operating assets used by Waterfront Cebu Casino Hotel located in Lahug, Cebu; deed of assignment over leasehold rights on the land owned by the Mactan Cebu International Airport Authority on which the Waterfront Cebu City Casino Hotel stands; deed of pledge of the shares of stocks representing ownership of Waterfront Philippines in Waterfront Cebu City Casino Hotel and in Davao Insular Hotel; real estate mortgage on 23 parcels of commercial lots with improvements registered under the name of Davao Insular Hotel; chattel mortgage on various operating assets used by Davao Insular Hotel; and real estate mortgage on a 70-hectare agricultural property located in Matina, Pangi, and Tolomo, Davao registered under the names of Pacific Rehouse Corporation and Crisanta Realty Development Corporation.
Publicly-listed Waterfront Philippines Inc. is 40 percent owned by investment firm Wellex Group Inc. and operates through two wholly owned subsidiaries: Waterfront Mactan Casino Hotel and Waterfront Cebu City Casino Hotel.
It was registered with the Securities and Exchange Commission (SEC) as an investment holding company for hotel, leisure and tourism businesses in September 1994.