PH Resorts Group, former developer of the failed Emerald Bay integrated resort project in Cebu, has lost another property to a lender.
The company revealed via a Thursday filing that its wholly-owned subsidiary Donatela Hotel Panglao Corp (DHPC) had permanently ceased the operations of Donatela Resort & Sanctuary in Bohol as of the end of the day on 30 September 2026.
This was, it explained, because the land and improvements comprising Donatela Resort & Sanctuary, which were mortgaged as collateral for DHPC’s loan obligations with Land Bank of the Philippines, were subject to extrajudicial foreclosure proceedings.
While DHPC has not yet received the official Certificate of Sale from the appropriate court, PH resorts Group said its subsidiary had officially closed the hotel and turned over possession of the property to Landbank on 30 September.
PH Resorts Group added that this latest development forms part of the ongoing restructuring of the company and its parent, Udenna Corporation, having recently announced that its entire ownership interest in PH Travel and Leisure Holdings Corp – the entity that holds the operating subsidiaries of Emerald Bay and Donatela Resort & Sanctuary – would be transferred to Udenna.
The restructuring is an attempt by Udenna and its owner Dennis Uy to separate PH Resorts Group from its troubled hotel and resort assets.
As reported by Inside Asian Gaming, PH Resorts Group lost control of the Emerald Bay site after selling it to Chinabank under a 2023 refinancing deal and failing to buy it back by the agreed March 2025 deadline. The company had been hoping to secure outside investment to achieve such a buyback but potential suitors Bloomberry Resorts Corp, the parent company of Solaire, and Tiger Resort, Leisure and Entertainment Inc (TRLEI), the parent company of Okada Manila, both opted out.
Emerald Bay, whose construction stalled during the pandemic, had been envisioned to become Cebu’s second integrated resort after NUSTAR, with plans for a five-star hotel featuring two 15-story towers with 642 rooms, four pools, 18 food and beverage outlets, retail spaces, conference and exhibition facilities, and a large-scale gaming floor with more than 700 electric gaming machines and over 140 tables.
Philippines gaming regulator PAGCOR revoked the property’s provisional casino license late last year once it became clear that no further construction progress was to be made.
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