DoubleDragon plans first hotel outside of PH

The photo shows DoubleDragon’s Meridian Park in Pasay City. CONTRIBUTED PHOTO

LISTED DoubleDragon Corp. said on Tuesday that its offshore subsidiary had changed its core business as it plans to launch its first 101 hotel outside the country this year.

In a disclosure, the Sia-led company said Hotel 101 Worldwide Private Ltd. had completed the change of its primary purpose within the Singapore Regulatory Authority.

This decision then allows the company to “carry out the acquisition, investment and development of real estate properties and businesses, as well as to carry out the real estate sales, marketing, operations and management of the group’s projects. outside the Philippines”.

The company is looking to acquire its first property for development in Asia by Q2 and launch it by H2.

Hannah Yulo Luccini, chief investment officer of DoubleDragon, said the new projects at Hotel 101 will be “perfectly synchronized” with the expected recovery 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,” Luccini added.

Meanwhile, DoubleDragon Chairman Edgar Injap Sia 2nd pointed out that the goal of expanding the hotel brand overseas has already been delayed by the pandemic.

“Now that the borders have opened and the Covid-19 pandemic looks set to end, we believe the elements are already in place to finally bring forward DoubleDragon’s aspiration to create a global Filipino hotel brand that every Filipino can be part of. proud,” Sia added.

The company’s base income ended at 4.18 billion pesos from January to September, while its consolidated income amounted to 4.41 billion pesos during the period.

Shares of DoubleDragon plunged P1.38, or 13.45%, to end at P8.88 apiece on Tuesday.

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