Philippine real estate company DoubleDragon Corp said on Tuesday it is considering listing its Singapore-registered unit Hotel101 Global on the U.S. Nasdaq via a merger with a SPAC.
DoubleDragon confirmed that it was weighing the SPAC route as one option to accelerate the international expansion of hotel group Hotel101, Today Online reports.
“We likewise clarify, that the amount of equity to be raised will still be finalised at a future date, although it is notable that generally, most SPACs invest about $200 million for mergers and acquisitions,” the company said in a filing.
DoubleDragon said it targets for Hotel101 to reach a valuation of up to $17 billion in the near term based on the hotel operator’s internal financial projections, but gave no more details.
Hotel101 provides mid-class hotel accommodation for leisure and business travellers in the Philippines, according to its website. DoubleDragon said Hotel101 will expand to 25 countries including the United States and China by 2026. Read more.
