DoubleDragon Corporation changes primary focus of its offshore subsidiary Hotel 101, to launch its first Hotel 101 project outside the Philippines in 2022

The offshore subsidiary of DoubleDragon Corporation (“DoubleDragon”), Hotel 101 Worldwide Private Limited “(Hotel 101 Worldwide)”, has completed the change of its core business to the Singapore Regulatory Authority. The change to the Accounting and Business Regulatory Authority (ACRA) of Singapore is covered by Receipt No. ACRA220211134043 dated February 11, 2022.

The change and update of its primary and secondary businesses now enable it to conduct acquisitions, investments and development of real estate properties and businesses, as well as to conduct real estate sales, marketing, operations and management of the Group’s projects outside the Philippines.

A step forward in DoubleDragon’s aspiration to export the Hotel 101 brand and concept worldwide. Expansion can be done directly by Hotel 101 Worldwide or through partnerships and joint ventures with other property developers in other countries.

Given this development and the latest easing of Covid19 pandemic restrictions, DoubleDragon expects to acquire its first property for development in Asia by Q2 2022 and launch it by H2 2022. DoubleDragon has pre-selected sites where Hotel 101 is expected. be frequented by local and foreign tourists as well as Filipinos who visit this country for business or leisure. The first Hotel 101 project outside the Philippines is also expected to give Filipino investors a chance to make their first offshore real estate investment with affordable payment terms for their hybrid Hotel 101 condotel investment.

The concept patent for the pioneering condotel concept of Hotel 101 has already been filed. The Hotel 101 brand and domains have been secured in various countries around the world.

The concept of Hotel 101 is a hybrid condotel model where all units or “Happy Rooms” as they are called are identical, thus allowing all unit owners to have an equal share of the property’s revenue from Hotel 101. The Hotel 101 app for Apple iOS and Android will be launched soon.

Hotel 101’s unique asset light concept allows DoubleDragon to generate twice revenue and revenue, first from Happy Rooms presale, then after project construction, it generates recurring revenue at long term from hotel operations.

Hotel 101-Manila in full year 2021 achieved an average occupancy rate of 96.03%.

“The development and completion of these new Hotel 101 projects will be fully synchronized with the full recovery and expected rebound of the tourism industry. We believe that in a few years, all of this pent-up demand for tourism will lead to an unprecedented increase in demand for hotel rooms across the world,” said Hannah Yulo-Luccini, Chief Investment Officer of DoubleDragon.

“We observed that the United States has Holiday Inn, Europe has Novotel, China has Jinjiang Inn, Malaysia has Shangri-La, Thailand has Dusit, Japan has Nikko, Singapore has Raffles, but the Philippines does not don’t have any.

We have also observed that in other countries, many of them have the firm intention of orienting their companies towards exporting. Pursuing business ventures, brands and concepts for export to all 195 countries around the world is truly admirable,” said DoubleDragon President Edgar “Iniap” Sia II.

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Message from the Secretary of the Philippine Department of Tourism, Hon. Berna Romulo-Puyat;

“The Ministry of Tourism commends DoubleDragon Corporation’s efforts to establish its Hotel101 concept as the first-ever local global hotel chain. With two icons of Filipino entrepreneurship, namely Edgar “Injap” Sia, founder of Mang Insal, and Tony Tan Caktiong, founder of Jollibee, at the helm, Hotel101 has the potential to manifest and promote the unique Filipino service brand. and exceptional as the chain spans the globe”

“In doing so, Hotel101 could very well serve as the international goodwill ambassador of the hospitality industry for the Philippines, similar to the Jollibee outlets that have made their mark for food in various corners of the world,” added the Secretary of the Philippine Department of Tourism, Hon. . Berna Romulo Puyat.

–oOo—

“Filipinos are admired around the world for being very hospitable people. In fact, many hotels around the world are skillfully run by Filipino talent.

With this in mind, DoubleDragon believes it is high time for a Filipino company to pursue this aspiration of creating a local Filipino hotel brand that is recognized around the world and will ultimately bring honor and pride to Filipinos.

We are grateful to the DoubleDragon team who have been able, over the years, to set up, refine and test the unique and pioneering concept of the Hôtel 101 hybrid condotel and above all to give life to an exportable concept for the world. We are also pleased to have been able to patent the Hotel 101 concept early on,” said DoubleDragon President Edgar “Injap” Sia II.

DoubleDragon is currently present in 4 diversified sectors (1) Provincial Retail Leasing, with its chain of CityMalls, (2) Office Leasing with the DD Meridian Park complex in Bay Area, Pasay City, the 42-story Jollibee Tower in Ortigas CBD and The Skysuites Corporate Tower in Quezon City, (3) Hotels with the Hotel 101 chain and Jinjiang Inn Philippines as well as the Ascott currently under construction at DD Meridian Park, and (4) Industrial warehouse rentals with the resort chain of CentralHub Warehouses, a joint venture with Jollibee Foods Corporation that DoubleDragon plans to convert into a REIT by the second half of 2022. DoubleDragon’s rental space pipeline also includes Robinsons DoubleDragon Square office towers, a joint venture between Robinsons Land and DoubleDragon located in Libis, Quezon City.

DoubleDragon currently has 6,165 hotel rooms in its national portfolio that are operational, under construction, and about to launch hotel projects across its Hotel 101, Jinjiang Inn Philippines, and Ascott-DD Meridian Park brands.

“The aspiration to expand Hotel 101 outside the Philippines has been around for a long time, but has been further delayed by the Covid 19 pandemic. Now that the borders have opened and the Covid19 pandemic looks set to end, we believe that the elements are already there to finally bring forward this aspiration of DoubleDragon to create a global Filipino hotel brand that every Filipino can be proud of, much like the pride we feel when we see a Jollibee store in other parts of the world” , added Mr. Sia.

“Our entire team will continue to be relentless in our quest to make all business units and brands under DoubleDragon and MerryMart a beloved household brand serving all of its stakeholders well and for both to become a major contributor to our economy in the years to come,” Mr. Sia said in closing.

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