PH Resorts Group Holdings, Inc. has permanently closed Donatela Resort & Sanctuary in Panglao, Bohol, following foreclosure proceedings involving the property’s land and improvements that had been pledged as collateral for a loan with Land Bank of the Philippines.
The resort, operated by PH Resorts subsidiary Donatela Hotel Panglao Corp. (DHPC), ceased operations at the end of September 30, according to a regulatory disclosure. The company said it would turn over possession of the property to Landbank after the foreclosure proceedings.
Donatela occupies about 7.2 hectares in Tawala, Panglao Island, and operated as a boutique upscale resort with 12 villas, 11 of which had been opened to guests before the closure. The property began operating under PH Resorts’ ownership in January 2018.
The property was acquired with financing from what was then United Coconut Planters Bank, which was later absorbed by Landbank. In 2018, DHPC obtained a P975-million, 10-year term loan to refinance the acquisition of the resort, with the land and improvements used as security for the obligation.
The secured properties were subjected to extrajudicial foreclosure proceedings in 2026. Landbank emerged as the highest bidder after no other bidders participated in the foreclosure auctions. The parties had been awaiting court confirmation of the sale as part of the process of transferring ownership of the foreclosed assets.
PH Resorts said DHPC had not yet received the official certificate of sale from the appropriate court when the resort was closed. Despite that, the company proceeded with the shutdown and turnover of possession to Landbank at the end of September.
The closure comes amid a wider restructuring of PH Resorts and its parent company, Udenna Corp. The proposed restructuring includes the transfer of PH Resorts’ entire ownership interest in PH Travel and Leisure Holdings Corp. to Udenna as the group works to address its legacy obligations and reorganize its financial position.
The resort had continued operating while the foreclosure process was underway. Company filings said its hotel and restaurant bookings were sufficient to cover operating expenses, payroll and basic maintenance, although the business remained tied to the outstanding loan secured by the property.
PH Resorts had also taken steps to generate funds connected with the Bohol property. In 2025, the company sold a 2,000-square-meter commercial property near Alona Beach for P55 million, with the proceeds applied as partial payment of interest on the Landbank loan.
The Donatela foreclosure adds to a series of significant changes involving PH Resorts’ property portfolio. The company previously lost its option to repurchase properties connected to its Emerald Bay project in Mactan, Cebu, after the repurchase option expired in March 2025. The related land and improvements were subsequently removed from the company’s books.
PH Resorts has also reported significant financial pressure. Its 2025 annual report recorded a net loss of P5.64 billion and a capital deficiency of P5.87 billion at the end of that year. The company’s auditors also highlighted material uncertainty related to its ability to continue as a going concern.
As of the end of June 2026, PH Resorts had negative consolidated stockholders’ equity of about P5.95 billion, while current liabilities exceeded current assets by roughly P4.01 billion, according to the company’s latest reported figures.
PH Resorts has said the broader restructuring is intended to relieve the group of legacy obligations and improve its financial position. The company has also indicated that it is targeting a return to positive stockholders’ equity within two years, subject to completion of the proposed restructuring.
With Donatela now closed and possession being turned over to Landbank, the Panglao resort will no longer form part of PH Resorts’ operating portfolio. The development marks another step in the company’s ongoing restructuring as it works to address its outstanding obligations and reshape its remaining assets.
