HOTEL 101 Global Pte. Ltd. (Hotel101), a subsidiary of DoubleDragon Corp. (DD), expects to sell all units in Japan and Spain ahead of schedule as it prepares for a planned US listing in the fourth quarter (Q4).
“Hotel101 Global expects to complete and fully sell out its properties in Madrid, Spain and Niseko Hokkaido, Japan ahead of schedule,” DD said in a statement to the stock exchange on Thursday.
“Hotel101 Global is currently in the process of moving towards a US listing, expected in the fourth quarter of 2024,” it added.
The 680-room Hotel101-Madrid, located on a 6,593 square meter site in Valdebebas, Madrid, is expected to be completed by the end of 2025.
The 482-room Hotel101-Niseko in Hokkaido, Japan, is scheduled for completion in 2026.
Hotel101 will list on the NASDAQ through a merger with JVSPAC Acquisition Corp.
The combined entity will trade under the ticker symbol “HBNB,” making Hotel101 the first Philippine company to list in the US.
Hotel101 expects to generate P71.2 billion from the Hotel101-Niseko project and P8.8 billion from the Hotel101-Madrid property.
Hotel101 also said that the first batch of golden visas has been issued to the owners of the Madrid hotel project, marking an important milestone for the development.
“The Golden Visa applications are subject to review and approval by the competent authorities of the Spanish Government, at their sole discretion, but the purchase of Hotel101 units may be used by the foreign buyer to meet the Spanish real estate investment requirement of 500,000 euros. said DD
Officially known as the Spanish Investor Visa, the Golden Visa is a residence permit granted to non-European citizens with a substantial investment in the country. Applicants must each purchase three Hotel101-Madrid units to meet the investment requirements.
“We have seen incredible traction in our Hotel101 projects worldwide. Hotel101-Madrid has done exceptionally well, not only because it qualifies as an investment under the golden visa regime, but also because of the opportunity it offers retail real estate investors worldwide to participate in the booming hotel industry, particularly in Madrid, Spain” , says Hotel101 Global Chief Executive. Officer Hannah Yulo-Luccini said.
“In fact, we have seen an increasing number of local Spanish investors purchasing Hotel101 units in Madrid purely because they believe in the potential income the project will generate once completed,” she added.
Meanwhile, DD Chairman Edgar “Injap” J. Sia II said the hotel project is expected to boost Spain’s economic activity.
“It will be optional for buyers of Hotel101 units if they wish to apply for a golden visa upon purchasing the Hotel101 units. It is worth noting that as Hotel101 builds a new inventory of units, it will not reduce the existing housing stock in Spain, but will increase economic activity in Spain through the purchase of land and the generation of jobs from the construction phase to operation. of the project, plus the long-term recurring loads that this project will entail,” said Mr Sia.
On Thursday, DD shares fell 1.48% or 14 centavos to P9.35 per share. — Revin Mikhael D. Ochave