Hotel chain Hotel101 Global, a subsidiary of Philippine real estate company DoubleDragon, still expects to list on the Nasdaq in the second half of this year.
The move will make Hotel101 Global the first Philippine brand to list in the United States.
The subsidiary’s CEO Hannah Yulo-Luccini said the hotelier prides itself as a tech-driven hospitality platform and the listing will help accelerate its global expansion plans.
Hotel101 is merging with Hong Kong-based JVSPAC Acquisition. A joint statement by DoubleDragon, Hotel101 and JVSPAC last month said the target is expected to have an equity value of over $2.3 billion following the transaction and will list under ticker HBNB.
Manila-listed firm DoubleDragon is the Philippines’ fourth largest mall developer, helmed by Jollibee founder Tony Tan Caktiong and real estate businessman Edgar Sia.
The deal includes 500,000 earnout shares if certain financial milestones are reached in 2025.
DoubleDragon currently has total assets of about $3 billion, with a portfolio that spans over one million square meters of gross floor area principally from provincial community malls, office buildings, a chain of industrial warehouse complexes and the chain of hotels.
DoubleDragon has been listed on the Philippine Stock Exchange since 2014 and is controlled by two entities that own a combined 70% majority stake: Injap Investments, which is a private family holding company led by Filipino Entrepreneur Edgar “Injap” Sia II, who is also chairman of MerryMart Consumer Corp. and founder of Mang Inasal, one of the largest QSR fast food chains in the Philippines which is now under Jollibee Foods; and Honeystar Holdings, a private family holding company led by Filipino Entrepreneur Tony Tan Caktiong, who is also the chairman and founder of the global QSR fast food chain Jollibee Foods. Read more.
