Gov. Gwendolyn Garcia and Mayor Tomas Osmeña witnessed the signing of the memorandum of agreement between the officials of Marco Polo and Metrobank in Manila last Thursday.
There was a plan for an initial reopening of the hotel in October, but because of the enormity of its renovations, the re-operation has been rescheduled for next year. With the Cebu Plaza Hotel now being part of the Marco Polo Hotel Group, which owns a world-class hotel in Davao City, Osmeña said it would be one of the best hotels in Cebu.
The company reportedly spent at least P100 million in renovating the bedrooms, centralizing the airconditioning system and expanding the swimming pool of the hotel. When asked if the former employees of the hotel will still be hired, the mayor said the new owner will be "hiring the best," including those who are already employed in some of the hotels here.
The Cebu Plaza Hotel was closed in March 2003 after it was turned over to Metrobank as collateral for the loan of its original owner, the Pathfinder Holdings Philippines Inc., whose debt to the bank amounted to over P900 million. - Cristina C. Birondo