Two Waterfront hotels in Cebu owned by businessman William T. Gatchalian are to be auctioned next month.

National Bank has started foreclosure cases against the hotel chain over unpaid debts worth P740 million.

In a statement, Waterfront Philippines, Inc. said it now had the funds to service the bank loan after securing a new contract with Pagcor.

The Lucio Tan-led bank on November 4 filed a petition for extrajudicial foreclosure sale against Waterfront and subsidiaries Waterfront Cebu City Casino Hotel, Inc. and Waterfront Mactan Casino Hotel, Inc., before the Cebu and Lapu-Lapu regional trial courts.

Posted: 11|11|08 at 10:56 am. Filed under: Auction News.