Latest news with #P137.5-billion
GMA Network
03-06-2025
- Business
- GMA Network
Hotel101 Global secures Nasdaq listing in June
Hotel101 Global Pte Ltd., the Singapore-headquartered subsidiary of DoubleDragon Corp., on Tuesday said it had secured the approval of the United States Securities and Exchange Commission (SEC) for its Nasdaq listing scheduled this month. Closing of the merger between Hotel101 and JVSPAC Acquisition Corp. is expected 'as soon as possible,' subject to regulatory and shareholder approvals and other customary closing conditions. As a result, Hotel101 will be worth $2.3 billion or P130 billion. Listed on the Nasdaq, JVSPAC is a blank check company led by its chairman and chief executive officer Albert Wong, who has been the chief executive officer and director of Kingsway Group Holdings, the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou. Kingsway is also the lone distributor of Koenigsegg Automotive, Rimac Automobili, and Bugatti Automobiles for China, including Hong Kong and Macau. Upon listing, the combined entity will operate as Hotel101 Global Holdings Corp., which will be traded under the ticker symbol 'HBNB,' making it the first Filipino-owned company listed and traded on the Nasdaq. Hotel101's first three overseas projects are located in Niseko, Hokkaido, Japan; Madrid, Spain; and Los Angeles, California, in the United States. It seeks to expand in areas such as the United Kingdom, the United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China. It targets to accumulate a portfolio of 1 million rooms in 101 countries before 2050. The company last week said it had partnered with the Horizon Group to develop up to 10,000 rooms in the Kingdom of Saudi Arabia, expected to translate to a $2.5-billion or P137.5-billion project value. Hotel101's parent company DoubleDragon is led by chairman Edgar 'Injap' Sia II and co-chairman Tony Tan Caktiong. —VBL, GMA Integrated News
GMA Network
29-05-2025
- Business
- GMA Network
Hotel101 Global to develop 10,000 rooms in Saudi Arabia
Hotel101 Global Pte. Ltd., the Singapore-headquartered subsidiary of DoubleDragon Corp., has partnered with the Horizon Group to develop up to 10,000 rooms in the Kingdom of Saudi Arabia, expected to translate to a $2.5-billion or P137.5-billion project value. Under the partnership, the two parties have identified an initial five locations, with the first being in Medina, followed by Riyadh, Jeddah, Abha, and Alula, with an average of 500 rooms per site. This comes as Hotel101 adopted a global "one room" hotel chain, offering identical, standardized hotel rooms. It also has an asset-light "condotel" business model, designed to scale efficiently while maximizing value for unit owners and guests. "We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally," Hotel101 chief executive officer Hannah Yulo-Luccini said in an emailed statement. "With Hotel101's rapid-build model and Horizon's local know-how, we will add 10,000 quality, affordable rooms across the Kingdom—supporting Vision 2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike," Horizon Group chief executive officer Abdulrahman Sharbatly said. Saudi Arabia targets to reach 150 million tourists by 2030, after welcoming 27 million international tourists and 79 million domestic tourists in 2030, reaching a 100-million visitor mark. "We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel 101 rooms worldwide," Hotel101 Global founder Edgar "Injap" Sia II said. Hotel101 officially filed its F-4 Registration Statement with the US Securities and Exchange Commission on February 1 (Philippine time), taking a key step toward its $2.3-billion Nasdaq listing. The firm entered a definitive merger agreement with JVSPAC Acquisition Corp. in April 2024, positioning DoubleDragon to become the first Filipino company with a subsidiary listed on Nasdaq. Hotel101's first three overseas projects are located in Niseko Hokkaido, Japan; Madrid, Spain; and Los Angeles, California, in the United States, which are set to jumpstart its expansion to other areas as it targets to accumulate a portfolio of 1 million rooms in 101 countries before 2050. It also seeks to expand in areas such as the United Kingdom (UK), the United Arab Emirates (UAE), India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China. — VDV, GMA Integrated News
