PH Resorts Group Hands Donatela Resort to Landbank as Udenna Restructuring Advances

PH Resorts Group has surrendered its second resort asset to lenders as the company and its parent seek to exit troubled Philippine hospitality holdings. The firm disclosed in a filing that its subsidiary permanently ceased the operations of Donatela Resort & Sanctuary in Bohol as of the end of the day on 30 September 2026 after the mortgaged property became subject to extrajudicial foreclosure by Land Bank of the Philippines.

The subsidiary, Donatela Hotel Panglao Corp, transferred possession to Landbank on the same date, though the official Certificate of Sale from the court has not yet been received. This action forms part of ongoing corporate restructuring involving PH Resorts Group and Udenna Corporation.

Restructuring to Isolate Troubled Assets

Udenna and its owner Dennis Uy are transferring PH Resorts Group’s entire ownership interest in PH Travel and Leisure Holdings Corp to Udenna. The holding entity operates the subsidiaries tied to both the Donatela property and the failed Emerald Bay integrated resort in Cebu. The goal is to separate PH Resorts Group from these underperforming assets.

PH Resorts Group previously lost control of the Emerald Bay site after a 2023 refinancing with Chinabank and missing the March 2025 buyback deadline. Planned investments from Bloomberry Resorts Corp, parent of Solaire, and Tiger Resort, Leisure and Entertainment Inc, parent of Okada Manila, both fell through. Construction at Emerald Bay had stalled during the pandemic. PAGCOR revoked the provisional casino license late last year.

As reported by Inside Asian Gaming, the sequence illustrates the limited recovery options once pandemic-related delays compound with financing shortfalls. The Bohol closure and handover carry direct operational risk for any residual value in the Donatela asset, as foreclosure severs control without guaranteed sale proceeds.

Limits of Asset Separation

The restructuring limits further downside exposure for Udenna but leaves open questions on creditor recovery and market appetite for distressed Philippine resort properties. No new operators have stepped in for Emerald Bay, and the Donatela handover follows the same lender-driven path. This pattern signals that timely project completion remains critical in a market where provisional licenses and mortgage terms offer little flexibility once momentum is lost.

Reporting: Inside Asian Gaming

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