Holding company DoubleDragon Corp. has taken a critical step toward overseas expansion of its Hotel 101 hybrid condotel business as it prepares to acquire and launch the first location outside the Philippines in 2022.
DoubleDragon has changed the primary focus of its Singapore-based subsidiary, Hotel 101 Worldwide Private Ltd., to empower this unit to acquire, invest in, and develop real estate properties and businesses, as well as conduct real estate sales, marketing, operations and project management outside the Philippines. The amendment has been approved by Singaporean regulators.
Based on the company’s disclosure to the Philippine Stock Exchange, expansion activities may be carried out directly by Hotel 101 Worldwide or through partnerships and joint ventures with other property developers in other countries.
“We observed that the United States has Holiday Inn, Europe has Novotel, China has Jinjiang Inn, Malaysia has Shangri-La, Thailand has Dusit, Japan has Nikko, Singapore has Raffles, but the Philippines does not don’t have any,” DoubleDragon President Edgar Sia said. II.
“We have also observed that in other countries, many have a strong mentality of orienting their businesses towards exporting. Pursuing business ventures, brands and concepts to be exported to the 195 countries of the world is truly admirable,” he added.
With the easing of restrictions related to the COVID-19 pandemic, DoubleDragon expects to acquire its first property to be developed in Asia by the second quarter of 2022, and to launch it by the second half of 2022, according to disclosure.
DoubleDragon has pre-selected overseas locations where Hotel 101 is likely to attract local and overseas tourists as well as Filipinos who will be visiting this country for business or leisure.
“The development and completion of these new Hotel 101 projects will be fully synchronized with the full recovery and expected rebound of the tourism industry. We believe that in a few years, all of this pent-up demand for tourism will lead to an unprecedented increase in demand for hotel rooms around the world,” said Hannah Yulo-Luccini, Chief Investment Officer of DoubleDragon.
The first Hotel 101 project outside the Philippines is meant to give Filipino investors a chance to make their first offshore real estate investment with affordable payment terms for a hybrid condotel.
The conceptual patent for Hotel 101’s pioneering condotel concept has already been filed while Hotel 101’s brand and domains have been secured in various countries. The Hotel 101 app for Apple iOS and Android will be launched soon.
Based on the Hotel 101 concept, all units are identical, allowing all unit owners to have an equal share of property revenue. This concept of asset light allows DoubleDragon to generate twice the revenue and income, first from the presale of the units, and once the project is built, from the recurring income of the hotel operation.
The prototype condotel, Hotel 101-Manila, reached an average occupancy rate of 96.03% in 2021.
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