DoubleDragon Properties Corp. said it plans to build 10 hotels in the United States by 2026.
DoubleDragon said in a statement over the weekend Singapore-registered unit Hotel101 Global Pte. Ltd. was set to acquire its first US property by the third quarter of the year.
Hotel101 Global was one of the participants in the 2023 SelectUSA Investment Summit on May 1 to 4 in Washington D.C.
“We are delighted to be part of the Philippine delegation to the 2023 SelectUSA Investment Summit as the connections we have made this week have enabled us to significantly accelerate our process in selecting which of the ten states in the U.S. we should expand to first as well as giving us a direct line to the investment groups of the 50 US states,” said Hotel101 Global chief executive Hannah Yulo-Luccini.
DoubleDragon chairman Edgar Sia II said joining the Select USA Investment Summit gave the company confidence about growing its Hotel101 brand in the US.
“We are excited to have Hotel101 Global join the Philippine delegation to the 2023 SelectUSA Investment Summit. The company will play an important role in the very important business of expanding the US-Philippines commercial, investment, trade and economic relationship,” said Paul Taylor, the commercial counselor at the US embassy in Manila.
DoubleDragon acquired in April 2023 a property in Madrid, Spain, it second international property after the one in Niseko, Japan.
DoubleDragon is working on Hotel101 Global’s roadmap which aims to expand its presence in 25 countries by 2026.
Aside from Philippines, Japan, Spain and the US, DoubleDraong is also looking at the United Kingdom, the United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and China for its global expansion.
Hotel101 Global is envisioned to eventually become one of the Top 5 hotel brands globally with a total roomportfolio exceeding 500,000 rooms operating in 100 countries by 2040.
DoubleDragon also targets to list its subsidiary Hotel101 Global Pte. Ltd. at NASDAQ as it expects to derive 95 percent of its revenues outside the Philippines.
Hotel101 develops, sells and manages condotel projects.
