Bohol resort foreclosed by LandBank

PH Resorts Group Holdings Inc. permanently closed Donatela Resort & Sanctuary in Panglao, Bohol, after foreclosure proceedings on the property.

PH Resorts, the resort development arm of  Dennis Uy, said in a disclosure to the Philippine Stock Exchange, its wholly-owned subsidiary Donatela Hotel Panglao Corp. (DHPC) closed the hotel starting Sept. 30, 2026.

Donatela Resort & Sanctuary, which has 11 private villas, sits on a 7.5 hectare-property in Panglao, a major tourism destination.

The land and improvements had been mortgaged as collateral for DHPC’s loans from United Coconut Planters Bank, now Land Bank of the Philippines (LandBank). After extrajudicial foreclosure, DHPC shut down Donatela’s operations and turned over possession of the property to LandBank.

The closure is the latest addition to properties of Dennis Uy transferred to creditors. In 2023, PH Resorts transferred its 12.4-hectare Emerald Bay property in Mactan, Cebu to China Bank under a debt restructuring deal.

The agreement provided PH Resorts an option to repurchase the property, but that option expired on March 31, 2025.

Emerald Bay, planned as an integrated casino resort, was one of PH Resorts’ major developments before the company ran into financial difficulties.

The Donatela closure is part of PH Resort’s ongoing restructuring of the company and its parent, Udenna Corp.

Under the proposed plan, PH Resorts will transfer its entire ownership interest in PH Travel and Leisure Holdings Corp. to Udenna.

PH Resorts said that as the restructuring is meant to relieve the company of its financial obligations, the closure will have no material impact on its financials once the plan is approved and implemented.