With the ongoing suspension of its hotel operation, losses of plastics king William Gatchalian’s Acesite (Phils.) Hotel Corp. ballooned to P57.12 million in the first half of the year from P47.83 million.
Acesite is the owner of Waterfront Manila Hotel and Casino, formerly Manila Pavilion Hotel.
No gross revenues were registered during the same period. There were also no room sales due to a fire that hit the hotel on March 18, 2018.
For the second quarter, the company’s loss widened by 41 percent to P30.94 million as operations ceased due to the damages caused by fire to the hotel property.
“The hotel operation is currently suspended. This has a material effect on the financial condition and results of operations,” Acesite said.