DoubleDragon Properties Corp. announced Thursday it secured the “HBNB” ticker symbol for its planned NASDAQ listing via special purpose acquisition company (SPAC).
DoubleDragon said in a disclosure to the stock exchange its hotel subsidiary Hotel101 Global Pte. Ltd. officially reserved the ticker symbol “HBNB”.
“This step is in line towards Hotel101 Global’s previously announced SPAC listing preparations and given the latest progress,” DoubleDragon said.
It said Hotel101 Global is expected to sign with its chosen SPAC sponsor the definitive SPAC business combination merger agreement in March 2024, to be followed by the official filing of its prospectus subject to the US regulatory approvals.
DoubleDragon said Hotel101 Global is poised to become the first Filipino company to be listed via SPAC in the US NASDAQ Stock Exchange.
It is also seen to become one of the major brands, concept and business model exports of the Philippines, given its asset-light business model and could become one of the major sources of US dollar inflow to the Philippines from 2025 onwards.
Meanwhile, DoubleDragon said the SPAC listing would not only increase Hotel 101’s equity capital base but would also make it become more relevant overseas. It will also strengthen DoubleDragon’s consolidated balance sheet.
“Hotel101 is poised to become the most tech-advanced hotel company given its mid-end market typical rooms can optimize the use of technology since the rooms are all the same,” DoubleDragon said.
Hotel101 adopts dynamic pricing on its room rates similar to airline tickets where its room price moves up and down depending on the real-time supply and demand on the chosen date of booking.
Its first three overseas Hotel101 projects will be in Niseko Hokkaido, Japan; Madrid, Spain; and Los Angeles, California. These sites will jumpstart Hotel101 expansion plans as it aims to become a global brand with presence in more than 100 countries.
Most of the global expansion is expected to be via joint venture with developers abroad, or via licensing or franchising, it said.
