Real estate developer DoubleDragon Corp. is a step closer to expanding its Hotel 101 brand overseas, as it reported the completion of the amendment of its offshore subsidiary’s primary activities in Singapore.
DoubleDragon said it expects to purchase its first property for development outside the Philippines by the second quarter of 2022, and launch by the second half of the year.
This comes as the firm said its Hotel 101 Worldwide Private Limited completed the change of its principal and secondary activities on Singapore’s Regulatory Authority, allowing it to hold acquisition, investment, and development of real estate properties and ventures.
The changes also allow the firm to conduct real estate sales, marketing, operations, and management of its projects outside the Philippines.
According to Chairman Edgar “Injap” Sia II, the company seeks to develop a homegrown global hotel chain, similar to brands such as the US’ Holiday Inn, Europe’s Novotel, China’s Jinjiang Inn, Malaysia’s Shangri-La, Thailand’s Dusit, Japan’s Nikko, and Singapore’s Raffles.
“We have also observed that in other countries, many have a strong mindset of gearing their business for export. Pursuing business ventures, brands, and concepts that are geared to be exported to the 195 countries globally is truly admirable,” he said in a regulatory filing.
DoubleDragon said it has already shortlisted sites where its Hotel 101 is likely to be patronized by local and foreign tourists, with the concept patent of its pioneering condotel concept already filed.
The Hotel 101 brand is a hybrid condotel motel, with all the units or “Happy Rooms” identical, giving unit owners an equal share in the revenues generated from the pre-selling of the units and from hotel operations.
The company is currently involved in four sectors — provincial retail leasing, office leasing, hotels, and industrial warehouse leasing.
It has some 6,155 hotel rooms across the Philippines that are operational, under construction, and set to launch across the Hotel 101, Jinjiang Inn Philippines, and Ascott-DD Meridian Park brands.
Shares in DoubleDragon are down by P1.18 or 11.50% at P9.10 as of 12:18 p.m. on Tuesday.—AOL, GMA News
DoubleDragon to acquire first overseas property for Hotel 101 by 2nd quarter of 2022
Source: News Panda Philippines
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