LISTED DoubleDragon Corp. (DD) expects to generate P27.2 billion in foreign currency revenue from the first three overseas projects of its subsidiary Hotel 101 Global Pte. Ltd. (Hotel101).
“The first three Hotel101 overseas projects are expected to generate inflows of $471 million (P27.2 billion) in foreign currency revenues to DD,” the listed company said in a statement to the stock exchange on Thursday.
Hotel101’s first three overseas projects are in Niseko, Japan; Madrid, Spain; and Los Angeles, United States.
The 680-room Hotel101-Madrid will be finished by the end of 2025, while the 482-room Hotel101-Niseko in Hokkaido, Japan, will be completed by 2026.
In November last year, Hotel101 secured a 3,647-square-meter lot in the Westlake North District for the 622-room Hotel101-Los Angeles.
DD said this as the second batch of golden visas has already been issued to Hotel101-Madrid unit owners.
“This additional milestone is expected to further materially increase the unit sales revenue of Hotel101 Global from unit buyers in various parts of the world,” it said.
DD announced last month that the first batch of golden visas was issued to the unit buyers of its Madrid hotel project.
Officially known as the Spain investor visa, the golden visa is a residence permit granted to non-European citizens with a substantial investment in the country.
The applicants need to purchase three Hotel101-Madrid units each to comply with the investment requirements.
By 2050, Hotel101 aims to operate one million hotel rooms worldwide, with 50,000 of these located in the Philippines.
“This is expected to further cement the position of Hotel101 to become the largest hotel company in the Philippines and simultaneously become one of the top five hotel companies in the world,” DD said.
Hotel101 is set to list on NASDAQ in the United States within the fourth quarter. It will be listing through a merger with JVSPAC Acquisition Corp.
The combined entity will trade under the ticker symbol “HBNB,” making Hotel101 the first Philippine company to list in the US.
On Thursday, DD shares declined 1.15% or 12 centavos to P10.28 per share. — Revin Mikhael D. Ochave
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