DoubleDragon Corp. expects to finalize the acquisition of its first hotel outside the Philippines by the second quarter.
DoubleDragon said in a disclosure to the stock exchange it amended the primary purpose of its offshore subsidiary Hotel 101 Worldwide Private Limited in preparation for its first Hotel 101 project outside the country.
The company said it shortlisted potential sites where Hotel 101 is expected to be patronized by local and foreign tourists and Filipinos who visit that country for business or leisure.
“The first Hotel 101 project outside the Philippines is also expected to give Filipino investors a chance to make their first offshore real estate investment with affordable payment terms for their hybrid condotel Hotel 101 investment,” the company said.
“The unique Hotel 101 asset light concept allows DoubleDragon to generate revenue and income twice, first from the pre-selling of the Happy Rooms, then second after the project is constructed it generates long term recurring revenue from hotel operations,” it said.
The expansion may be led directly by Hotel 101 Worldwide or through partnerships and joint ventures with other property developers in other countries, it said.
Hotel 101-Manila achieved an average occupancy rate of 96.03 percent in 2021 despite the pandemic.
“The development and completion of these new Hotel 101 projects will be perfectly timed with the full recovery and anticipated rebound in the tourism industry. We believe in a couple of years, all this pent up demand for tourism will cause an unseen surge in demand for hotel rooms across the globe,” said DoubleDragon chief investment officer Hannah Yulo-Luccini.
Tourism Secretary Berna Romulo-Puyat lauded DoubleDragon’s efforts to establish its Hotel101 concept as the very first homegrown global hotel chain.
“Hotel101 has the potential to manifest and promote the unique and exceptional Filipino brand of service as the chain expands all over the world” Romulo-Puyat said.
DoubleDragon has 6,165 hotel rooms in its nationwide portfolio that are operational, under construction and about to launch hotel projects across its brands Hotel 101, Jinjiang Inn Philippines and Ascott-DD Meridian Park.