THE 548-room Hotel101-Cebu Mactan Airport has been fully sold out before completion, DoubleDragon Corp. said on Thursday.
The listed property developer has completed the building structure and topmost floor of the Hotel101-Cebu Mactan Airport project, the listed property developer said in a statement, adding that the project will be opened within the first half of 2025.
The project, which sits on a 5,493-square-meter (sq.m.) commercial lot along Cebu Mactan Airport Terminal Road, is said to be the biggest airport hotel in Visayas.
With the addition of Hotel101–Cebu Mactan Airport to its portfolio of revenue-generating hotels, Hotel101 aims to gain additional strategic capital to achieve its goal of becoming a leading branded hotel chain both in the Philippines and internationally.
Hotel101 is the flagship property of Hotel of Asia, Inc., the hospitality arm of DoubleDragon.
The Hotel101-Cebu Mactan Airport project is also part of the company’s goal to reach one million operating Hotel101 rooms by 2050. Out of its one million targets, 50,000 are slated in the Philippines.
According to the company, the anticipated opening of the hotel in 2025 will be followed by the launch of the 519-room Hotel101-Davao.
“More Hotel101’s are currently in simultaneous development in various parts of the Philippines and overseas. 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,” it said.
On Wednesday, DoubleDragon’s board of directors approved the issuance of P30-billion bond offerings.
At the local bourse on Thursday, shares in the company closed 34 centavos, or 3.36% higher, to end at P10.46 apiece. — Ashley Erika O. Jose
