Double Dragon sees P11-B revenues

Sia-led DoubleDragon Properties Corp. expects to rake in P11.03 billion in revenues from its three Hotel 101 projects this year.

In a disclosure on Wednesday, the property firm said it will launch pre-selling activities in Hotel 101-Cebu, Hotel 101 Resort-Boracay, and Hotel 101-Libis.

“The Hotel 101 concept allows DoubleDragon to generate revenue and income twice, first from the pre-selling of the condotel units, then secondly after the project is completed it starts to generate long term recurring revenue from hotel operations,” DoubleDragon said in the disclosure.

The company added that 2,251 new rooms would be added to its hotel portfolio from the three new hotel projects.

DoubleDragon noted that the Hotel 101 model maintained high occupancy amid the pandemic as it provided accommodation to employees of business process outsourcing companies.

It added that the 518-room Hotel 101-Manila saw a full year occupancy rate of 80.11 percent last year.

“The Hotel 101 model has proven to be truly resilient, even in these circumstances it was able to deliver as much as 6.72 percent gross annual yield to its original Hotel 101-Manila unit owners, which is much higher than most corporate bond yields last year,” DoubleDragon Chief Investment Officer Hannah Yulo-Luccini was quoted as saying.

DoubleDragon Properties Corp. also recently listed the country’s second real estate investment trust company, DDMP REIT Inc.

DoubleDragon’s shares shed 4 centavos or 0.31 percent to end at P13.02 each on Wednesday.

Article and Photo originally posted by Manila Times last April 22, 2021 and written by Faye Almazan.