Realtor DoubleDragon Corp. yesterday announced it is venturing into Cambodia for its Hotel101 condotel business, after signing an agreement to build a 700-room hotel Phnom Penh, and a 680-key hotel in Sihanoukville Cambodia.
The company told the Philippine Stock Exchange that Cambodia is the 6th country where it is bringing the Hotel101 brand, after Japan, Spain, United States, Saudi Arabia and the Philippines. It will raise $109.55 million in sales for the company.
A condotel is a condominium project that is operated as a hotel. Units within the hotel are individually owned but managed by Hotel101.
DoubleDragon Corporation’s strategic foray into a new market is notable, coming on the heels of another signifiant achievement, the listing last July 1 of Vic Hotel101 Global, a subsidiary of the former on the Nasdaq stock exchange, under the ticker symbol “HBNB”.
This marked the first time a Filipino-owned company was listed on the Nasdaq. The listing was nabbed through a business combination with JVSPACb Acquisition Corporation (JVSA).
The Phnom Penh hotel will be a 30-storey structure that will rise in a prime 2,033 square meters commercial land at Tonle Bassac, a riverfront economic and cultural hub near the popular upscale BKK District.
Hotel101-Sihanoukville Cambodia will rise in a prime 4,623 square meters commercial land right beside a proposed international convention and exhibition center within the master-planned Bay of Lights coastal development.
“Hotel101-Phnom Penh and Hotel101-Sihanoukville projects in Cambodia are expected to generate $109.55 million or approximately P6.3 Billion in sales revenue,” the company said. “Hotel101’s entry to the Cambodian market will add to the current hospitality offerings that are now already operating in Cambodia which includes global hotel brands such as Hyatt, Rosewood, Raffles and Shangri-La.”
DoubleDragon said it sees Cambodia as a “lucrative market” for Hotel101 given the volume of tourists it attracts, which was recorded at over 6.7 million international visitors last year.
“It is expected to further grow with the upcoming opening on September 9, 2025 of a brand new Techno International Airport (KTI) in Phnom Penh Cambodia,” it said.
DoubleDragon said it is is looking to put up 1 million Hotel101 rooms globally spread out across 100 countries. It is also looking to put up 50,000 rooms in the Philippines.
