21 February 2003CEBU CITY - Cebu Plaza Hotel, a landmark and a major
tourism establishment in Cebu, will cease operations
starting March 15.
The hotel's management has served notices to all regular
employees and concessionaires at the hotel.
Metropolitan Bank & Trust Co. (Metrobank), which
foreclosed the property, and is selling it for P1.2
billion, reports say.
Aissa de la Cruz, public relations manager of the hotel,
declined to confirm this. She said they will issue an
official statement on February 28.
In an earlier interview, she said Pathfinder wanted to
hold on to the hotel.
Another source, meanwhile, said Metrobank is now
negotiating with some prospective buyers.
Government leaders reportedly want the owner to find a
buyer, to prevent the hotel's closure. MetroBank reportedly
took over management of the hotel since December last year.
Cebu Plaza has been operating since the late 1970s.