PH Company Hotel 101 to List on NASDAQ this June
Upon listing, Hotel 101 will make history as the first Filipino-owned company to be traded on Nasdaq.
Hotel 101 is expected to join the tech-heavy Nasdaq Index at the New York Stock Exchange before the end of the month, marking the first time a Philippine company will achieve this milestone.
In a statement, the company shared that Hotel101 and its joint venture partner, JVSPAC Acquisition Corporation, will be listing their combined business as Hotel 101 Global Holdings Corporation, with the ticker symbol “HBNB” and a combined equity value of $ 2.3 billion.
Hotel 101 is a subsidiary of Philippine-listed DoubleDragon Corporation (DD), a property developer majority-owned by Edgar “Injap” Sia, founder of Mang Inasal, and Jollibee founder, Tony Tan Caktiong.
“The closing of the business combination is expected to occur as soon as possible, subject to regulatory and shareholder approvals and other customary closing conditions,” the company said in a statement.
Hotel 101 aims to disrupt the hospitality industry by offering identical, standardized hotel rooms globally, which enables customers to know exactly what to expect, regardless of which Hotel 101 location they stay in, in the world. The hotel earns twice— initially during the pre-selling of hotel units while construction is ongoing, and secondly, during the day-to-day hotel operations upon completion.
The company currently has two operating hotels in the Philippines, and several under development, as well as ongoing international expansions to Japan, Spain, USA, and Saudi Arabia.
Just recently, Hotel 101 entered into a joint venture partnership agreement with the Horizons Group of Saudi Arabia to build 10,000 hotel rooms across the country, with an estimated project value of $ 2.5 billion.
“As the global middle class continues to expand, we see an extraordinary opportunity to disrupt the industry with a model designed for rapid international growth. With Double Dragon’s deep experience in real estate and high-growth businesses, we are fully committed to supporting Hotel 101 as it makes its mark on the global stage, becoming the first Filipino-owned company to be listed and traded on Nasdaq,” says Edgar “Injap” Sia, Double Dragon Corporation’s Chairman and CEO.
“This significant step towards Hotel 101’s U.S. listing brings us closer to our vision of becoming the world’s first truly global one-room hotel chain,” adds Hannah Yulo-Luccini, CEO of Hotel 101.
The local bourse seems to agree. Share price of parent company, Double Dragon Corporation, surged by 8.86% at the Philippine Stock Exchange, and closed at Php 11.06 per share on Tuesday.
The Nasdaq listing is expected to help the company raise the needed funds to accelerate its global expansion plans, with the intention to establish hotels in 100 countries worldwide. Twenty-five countries have already been identified for the medium term.
Photo courtesy of the Hotel 101 website
