DoubleDragon Corporation, the real estate venture of billionaires Ernesto Tancaktiong and Edgar Injap Sia II, reported that its subsidiary Hotel101 Global Pte Ltd has officially reserved the Nasdaq stock exchange ticker symbol “HBNB” to bring it closer to its public listing goal.
“This step is in line towards Hotel101 Global’s previously announced SPAC (special purpose acquisition company) listing preparations,” the firm said in a disclosure to the Philippine Stock Exchange (PSE).
Given this development, DoubleDrago said Hotel101 Global expects to sign with its chosen SPAC sponsor the Definitive SPAC Business Combination Merger Agreement by next month, in March 2024, to be followed by the official filing of its prospectus subject to the US regulatory approvals.
DoubleDragon expects Hotel101 Global to soon become the first Filipino company to list via SPAC in the US Nasdaq Stock Exchange.
It also aims to become one of the major brands, concept and business model export of the Philippines, given its Asset-Light business model could become one of the major sources of US dollar inflow to the Philippines from 2025 onwards.
Hotel101 Global is expected to derive over 95 percent of its revenues outside of the Philippines to be consolidated back to the ultimate parent, DoubleDragon Corporation.
Its vision is to accumulate a portfolio of one million Hotel101 Rooms in 101 countries before 2050.
DoubleDragon said Hotel101’s asset-light and highly portable business model is exportable to over 100 countries globally, of which the network effect of the brand is expected to be further elevated which should positively benefit all the stakeholders within its ecosystem.
The first three overseas Hotel101 projects will be in Niseko Hokkaido, Japan; Madrid, Spain; and Los Angeles, California USA.
Most of its planned global expansion is expected to be via joint venture with developers abroad, or via licensing or franchising.
Target near term expansion roadmap for Hotel101 Global is to be in 25 countries by 2026: Philippines, Japan, Spain, USA, United Kingdom, UAE, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and China.
“The opportunity that we see globally in the hospitality space is that of standardization because we believe it brings unbeatable efficiency, especially for the mid-end segment,” said Hotel101 Global CEO Hannah Yulo-Luccini.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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