DoubleDragon Corp. reported Tuesday it has secured a property in Los Angeles, California, USA for its third overseas condotel development.
DoubleDragon said in a disclosure to the stock exchange its subsidiary Hotel101 Global Pte. Ltd. has secured a 3,647 square meter prime corner in California, which will be the new site for its 622-room condotel project.
“This step completes the first 3 strategic overseas sites of Hotel101 located in Japan, Spain and USA, and is set to enable Hotel101 to transcend as a truly global brand”, said Hotel101 Global chief executive Hannah Yulo-Luccini.
DoubleDragon expects to generate about $183 million in sales (₱10.3 billion) from this condotel project.
The Hotel101-Los Angeles site is in the Westlake North District of Los Angeles. It is conveniently located about 5 minutes to Downtown LA, Dodger Stadium and the previous Staples Center and only about 10-minute drive to Hollywood and about 20 minutes to Beverly Hills.
The location is very accessible to Highway 101 and the Los Angeles International Airport (LAX) is only about a 20-minute drive.
The project is planned to have 622 units subject to entitlement and zoning approval and will be the first Hotel101 development in the United States.
It will also have the usual Hotel101 facilities such as an all-day dining restaurant (concessionaire-operated), a business center, swimming pool, a fitness gym, as well as commercial space, a large convention center and function rooms.
Hotel101 follows a condotel concept allowing the company to generate revenues twice, first from the pre-selling of condotel units and then second, after the project is constructed, it generates long-term recurring revenue from the enrolled units in operating the hotel.
“As history has taught us, major economic recessions have actually served as a launchpad for many inspiring entrepreneurs to leap forward. These temporary periods of dislocation and chaos have created rare windows of opportunity for their businesses to strengthen their market grip and enable many of them to become what we know today as the world’s most incredible and durable businesses,” said DoubleDragon chairman Edgar Sia II.
