This small island is located in Leyte, specifically in Palompom. My family and I visited this island a few years back (2011). During that year, there were no overnight huts, just regular huts that visitors can use for the day. I noticed some who brought tents to stay in overnight.
The travel time going to the island is about an hour. If you are traveling via speedboat, then it would take around 30 minutes.
There is no hotel, until now (2014). I guess that’s a good thing so that there’s control over the people going there.
If you plan on visiting, it is best to contact their Eco-Tourism officer (+63 53 555 9010 or +63 917 303 7267). Check this LINK for the contact information (you have to scroll down). Better yet, check their website HERE.