sentences:  In 1988, SM won an auction by the Development Bank of the Philippines (DBP) over the lot reportedly for only per square meter.DBP earlier foreclosed the property in 1984 after the hotel building was burned down few years earlier.Resort Hotel defaulted in a loan with businessman Rodolfo Cuenca mortgaging using the Pines Hotel property, the Taal Vista and the Mindanao Hotel in Cagayan de Oro,
  
  Cuenca of Resort Hotel and John Gokongwei of Robinsons Investment Corporation sued the DBP in 1990 in a bid to block the sale of the lot to SM.In 1992, Councilor Frederico Mandapat filed a resolution, objecting the sale of the lot, noting the objection of the two companies.