Daily Tribune
TACLOBAN CITY — The local government here is set to acquire Leyte Park Hotel, one of the most famous landmarks of the city which was sequestered by the Presidential Commission on Good Government following the ouster of former President Ferdinand Marcos Sr. in 1986.
Tacloban City Administrator Anacleto Reri Lacanilao said the Tacloban City council has already given Mayor Alfred Romualdez the authority to negotiate with Land Bank of the Philippines to open a credit line of up to P1-billion that will be used for the purchase and rehabilitation of Leyte Park Hotel.
He added that Romualdez requested the council for the authority to negotiate since last year but it was only granted in September this year.
Lacanilao said the Department of Finance's Privatization and Management Office has agreed to sell the hotel to the city government for P500 million.
"This is an important landmark of Tacloban. We cannot just leave it to rot," he said. "It is a cultural icon, a critical infrastructure of the city."
