DoubleDragon to build 'biggest' hotel in Mindanao
DAVAO CITY, Philippines – DoubleDragon Properties Corporation – listed real estate firm owned by Mang Inasal founder Edgar "Injap" Sia II and Jollibee chief Tony Tan Caktiong – will begin the construction of one of the biggest hotels in Mindanao by end-2017.
The 519-room hotel is under the Hotel 101 brand.
DoubleDragon told the Philippine Stock Exchange on Tuesday, August 22, that it inked a joint venture agreement with Davao-based W2JP2 Corporation to build Hotel 101 in Davao City. (READ: DoubleDragon plans to sell over P7 billion worth of shares)
DoubleDragon subsidiary Hotel of Asia Incorporated, the owner and developer of several hotels under the Hotel 101 brand, signed the agreement with W2JP2.
Based on DoubleDragon's disclosure, the project is aimed for completion by 2020.
The upcoming Hotel 101 in Davao will sit on a 5,300-square meter prime commercial lot at Eco West Drive at the side of SM City Davao, some 18 kilometers away from the Francisco Bangoy International Airport.
The hotel will feature a commercial and retail strip and facilities to accommodate conventions, and is positioned to compete with other prime hotels in the city.
The Hotel 101 group operates Hotel 101 in the SM Mall of Asia area. Another one is under construction at Fort Bonifacio in Taguig City.
"We envision Hotel 101 to become the largest and most recognized hotel chain in the Philippines, significantly contributing to the recurring income of DoubleDragon, and at the same time providing the market with an innovative, safe and secure investment platform," Sia said.
To date, one of the biggest hotels in Davao is Marco Polo Davao with 245 rooms. Ayala Land Hotels and Resorts Corporation's Seda Abreeza has 186 rooms.
Hotel Asia aims to have 5,000 rooms in the Philipines by 2020.
DoubleDragon plans to conduct a P7.5-billion worth of follow-on offering to "enhance trading liquidity and further strengthen its balance sheet with higher equity levels." – Rappler.com