DoubleDragon Corp. said it has completed the payment for the 9,000- square meter land in Japan that will house its condotel venture under the brand Hotel 101.
Hotel 101-Niseko in Hokkaido Prefecture will have 518 rooms and is expected to to generate $137.3 million in pre-selling sales revenue.
“The Hotel 101 concept allows DoubleDragon to generate revenue and income twice, first from the pre-selling of the condotel units, then second after the project is constructed it generates long term recurring revenue from hotel operation,” DoubleDragon said in a regulatory filing.
DoubleDragon also said it expects the condotel “to be patronized by local domestic travelers in Japan, and foreign tourists from other countries as well as Filipino travelers who visit Hokkaido for leisure.”
“Niseko is famous worldwide for its powder snow and Kutchan Town, where the property is located, is one of the foremost areas of heavy snowfall reaching 13 meters on average with some of the driest and lightest snow in the world. Because of its northern location, Niseko is internationally renowned for consistently delivering good falls of light powder snow and a long ski season that stretches from late November until early May,” DoubleDragon said.
“Hokkaido is the northmost island of Japan. During the summer Hokkaido stays cool with average temperatures of about 20 degrees celsius and is famous for its stunning nature scenes, panoramic flower fields and hot springs,” it added.
DoubleDragon earlier said Hotel 101-Niseko will be the starting point of “future global expansion.”
