DoubleDragon Corp. on Monday said it is merging its Singapore-headquartered unit Hotel101 Global Pte. Ltd. and JVSPAC Acquisition Corp., with Hotel 101 as the surviving entity.
Hotel101 will have an equity value of $2.3 billion (about P130 billion) following completion of the merger transaction seen closed in the second half of the year, subject to regulatory and shareholder approvals and other customary closing conditions.
The merger, the company said, was meant to increase its capital base and further strengthen its balance sheet.
Upon completion of the transaction, the combined entity will be publicly listed on the US NASDAQ under the ticker symbol “HBNB.”
DoubleDragon is positioning Hotel101 Global to soon become the first Filipino company whose majority-owned subsidiary will list via SPAC, or special purpose acquisition company, in the US Nasdaq Stock Exchange.
It is seen to become a major brand, concept and business model export of the Philippines, given its asset-light business model, and likely become one of the major sources of US Dollar inflows to the Philippines.
Hotel101 is a hotel operator pioneering a globally standardized, asset-light condotel business model.
Outside of the Philippines, Hotel101 has broken ground in Madrid, Spain to construct a 680-room property located in the Valdebebas area beside IFEMA Convention Complex, the Real Madrid Complex and the upcoming new F1 Grand Prix Track. Another 482-room property, Hotel101-Niseko, is under construction in Hokkaido, Japan; and a site has been secured in Los Angeles, California to build the first Hotel101 in the U.S.
Hotel101’s long term vision is to have one million room, operating in over 100 countries worldwide.
It has identified the first 25 priority countries for expansion that include Japan, Spain, the U.S., the United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and Saudi Arabia.
