DoubleDragon Corp. said it has acquired a 9,000-square meter (sq.m.) property in Japan for the site of its condotel project Hotel 101.
It is the realtor’s first Hotel 101 project overseas.
The company said it has paid the required payment deposit for the property located in Hokkaido Prefecture, Japan.
“Consideration will be paid in cash and the transaction value is significantly far below 10 percent of the book value of the company, and is also below 1 percent of the total assets of the company as of March 31, 2022,” the company said without elaborating.
DoubleDragon said the upcoming Hotel101 – Niseko is targeted towards domestic travelers in Japan, and foreign tourists from other countries, “as well as Filipino travelers who visit Hokkaido for leisure as the site is accessible for Filipino travelers via just a few hours of flight from Manila to Sapporo New Chitose Airport.”
“Hotel101 rooms globally are intended to be typical or similar in size and look catering to the mid- end market, enabling a highly efficient booking process allowing guests to know exactly what to expect in a Hotel 101 wherever it may be located,” the company said.
