Spent two nights at Sea Dreams and should have spent more time. Very quiet away from the center of Dumaguete, but fairly easy to get into town by taxi, tri-cyle or local bus. The resort itself is great - right on the beach (not much of a beach btw) with a protected marine park with good snorkeling right there. Nice pool with plenty of lounge chairs. The hotel offers a large selection of motorbikes and motorcycles for rent, including some large engine BMW's and Kawasaki's. Also can arrange for scuba diving and sightseeing trips. I also used their in-house service to pick me up and drop me off in Dumagete and the price was also very reasonable.
My room was quite large and very comfortable. The staff was great and friendly as usual in the Philippines, but just a little bit better here. Since, the property is in a quiet area I would have expected the restaurant to offer high priced mediocre food, but this is not the case. The food was very good, huge portions and reasonably priced. Big Plus!!
Only con is that they charge for use of the fitness room, which seems a little petty.
Also I didn't get woken up by a rooster either night, a rarity in the Philippines.