DoubleDragon Properties Corp. (“DoubleDragon”) hotel subsidiary, Hotel of Asia Inc. (“HOA”) has signed a Joint Venture Agreement with Federated Realty Corp of the U-Bix Group to build over 514 rooms within the Hotel101-Cebu project that will be the biggest airport hotel at Visayas upon completion.
The hotel will be strategically located at the Cebu Mactan International Airport Road near Mactan Marina Mall, where the hotel will rise from a 5,493 square meter prime commercial lot. This is the latest addition to DoubleDragon’s total of six (6) Hotel101 projects which include prime locations at the Fort, Davao, Boracay, Bohol, and Palawan.
DoubleDragon Properties Corp. is also poised to offer OFWs with the chance to own their very own property from amongst their stellar line up of property development projects in prime locations for the upcoming edition of the Philippine Property and Investment Exhibition, with free registration at http://events.ppie.ae/register/ in an event that’s set to take place this coming April 10-11, 2020 at Crowne Plaza – Sheikh Zayed Road.
Hotel101 is now positioned in the country’s top 3 tourist destinations with prime beachfront locations in Boracay, Bohol and Palawan, as well as the top 3 major urban areas, Hotel101-Manila and Hotel101-Fort for Metro Manila, in the largest city in the Visayas for Hotel101-Cebu, and in the largest city in Mindanao for Hotel101-Davao.
“DoubleDragon strongly believes in the tourism positive prospects of our country, we are confident that Philippines will surpass 10 million annual tourist arrivals very soon,” said DoubleDragon Chairman Edgar “Injap” Sia II
With Hotel101-Cebu as a new addition, Hotel101 now have the essential strategic seeds in place towards its near term goal of becoming the top-of-mind branded hotel chain in the country.
“As hotel room rates and occupancy increases over time, both Hotel101 and its unit owners are positioned to continuously gain financial benefit from their real estate investment,” said DoubleDragon Chief Investment Officer Ms. Hannah Yulo.
DoubleDragon now has a total of Php14.53 Billion in Hotel101 unit inventory following the addition of Hotel101-Cebu’s Php2.33 Billion – which the real estate group expects to fully sell out within the following two years.
DoubleDragon’s hotel operating and pipeline portfolio now stands at 5,082 rooms from Hotel101s, Jinjiang Inns, Skysuites, and Ascott-DD Meridian Park.
The Company targets to complete a leasable portfolio of 1.2 Million square meters by 2020 comprising of 700,000 square meters from 100 CityMalls, 300,000 square meters from its Metro Manila office projects DD Meridian Park and Jollibee Tower, 100,000 square meters from the planned 5,000 hotel rooms of Hotel101 and Jinjiang Inn Philippines, and another 100,000 square meters of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.
DoubleDragon’s four pillars of growth continues to strengthen in provincial retail leasing, office leasing, industrial leasing and hotels which will provide the Company with a diversified source of recurring revenues backed by a string of appreciating hard assets.
