WATERFRONT Philippines, Inc.’s board of directors gave the go signal for the company to secure up to P3.05 billion in additional loan or credit from the Philippine Bank of Communications.

In a disclosure to the exchange on Wednesday, the company said the additional funds will be used for renovations, land acquisitions, and to refinance its loan obligations due in September this year.

Waterfront Philippines is planning to renovate its Cebu, Davao, and Mactan hotels.

Meanwhile, the company is planning an equity investment via subscription to its wholly owned units to acquire more land for the development and expansion of hotel operations.

Waterfront Philippines has more than a dozen subsidiaries based across the country. The list includes Waterfront Cebu City Casino Hotel, Inc., Waterfront Mactan Casino Hotel, Inc., Waterfront Insular Hotel Davao, Inc., ACESITE (Phils.) Hotel Corp. or Manila Pavilion Hotel, Waterfront Hotel Management Corp., and Mayo Bonanza, Inc.

The other subsidiaries are Waterfront Entertainment Corp., Waterfront Food Concepts, Inc., Waterfront Wellness Group, Inc., Grand Ilocandia Resort Development, Inc., Waterfront Promotions Ltd., Waterfront Puerto Princesa Hotel, Inc., and Waterfront Cebu Ventures, Inc.

Shares of Waterfront Philippines declined 1.09% or 0.005 centavos on Wednesday to close at 0.455 centavos each. — Keren Concepcion G. Valmonte