April 8, 2024, marked a momentous announcement for the Singapore-based Hotel101 Global Pte. Ltd., a subsidiary of the Philippine-listed DoubleDragon Corporation.
Together with JVSPAC Acquisition Corporation, they have finalized a merger agreement that propels Hotel101 towards becoming the first Filipino company to list a majority-owned subsidiary on the US NASDAQ.
The merger, valued at US$2.3 billion or approximately ₱130 billion, is on track to conclude in the latter half of 2024, pending customary regulatory and shareholder nods. The ensuing business entity will trade under the symbol “HBNB,” boosting DoubleDragon’s capital base and financial resilience.
This move positions Hotel101 Global as a significant brand and business model export from the Philippines, with its innovative asset-light “condotel” model poised to attract substantial US Dollar inflow.
With a footprint already set in Madrid, Spain, and Hokkaido, Japan, and plans underway for a location in Los Angeles, Hotel101 envisions a grand expansion to one million rooms in over 100 countries. Key markets identified for this growth include powerhouse economies and emerging markets across Asia, Europe, North America, and the Middle East.
JVSPAC Acquisition Corporation, the facilitator of this strategic merger, is a NASDAQ-listed blank check company led by Mr. Albert Wong, a seasoned player with extensive experience in capital markets and luxury automotive distribution in China and the Asia-Pacific region.
This ambitious expansion is not just a leap for DoubleDragon and Hotel101 Global but also signifies a bold statement about the potential and dynamism of Philippine enterprises on the global stage.
