DoubleDragon said the listing of its Hotel101 venture in the United States will further strengthen its balance sheet.
Its “novel” asset-light concept and highly unique business model in Hotel101 is expected to eventually become one of the major US dollar inflow generator to the Philippine economy, the company added.
DoubleDragon earlier said Hotel101 will become “the first ever Filipino company whose majority-owned subsidiary will list via SPAC (special purpose acquisition company) in the US Nasdaq Stock Exchange, and seen to become a major brand, concept and business model export of the Philippines.”
Hotel101 will trade under the code HBNB once the listing is completed by the second half of the year.
“Hotel101 (HBNB) will have an equity value of $2.3 billion (P130 billion) following completion of the merger transaction, which is expected to close during the second half of 2024 subject to regulatory and shareholder approvals and other customary closing conditions,” DoubleDragon said.
Outside of the Philippines, Hotel101 has broken ground in Madrid, Spain, to construct a 680-room property located in the Valdebebas area beside IFEMA Convention Complex, the Real Madrid Complex and the upcoming new F1 Grand Prix Track.
Another 482-room property, Hotel101-Niseko, is under construction in Hokkaido, Japan, while a site has been secured in Los Angeles, California, to build the first Hotel101 in the US.
“Hotel101’s long term vision is to have one million rooms, operating in over 100 countries worldwide. As a first step, Hotel101 has identified the first 25 priority countries for expansion: the Philippines, Japan, Spain, the US, United Kingdom, the UAE, India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia,” the company said.
