Property magnate Edgar “Injap” Sia III is extending his Cebu operations with the development of Hotel 101, which is set to be the largest airport hotel in the Visayas and Mindanao areas.
The licenses for Hotel 101-Cebu Mactan Airport have been secured by Sia’s DoubleDragon Properties Corp. (DoubleDragon), through its hotel subsidiary, Hotel of Asia Inc., paving the way to begin both construction and pre-selling operations.
Hotel 101-Cebu Mactan Airport will feature 548 rooms and will be built on a 5,493 square meter premium commercial property near Mactan Marina Mall along the Cebu Mactan Airport Terminal Road.
Sia stated that the branded hotel concept intends to develop five locations in Cebu, Libis, Boracay, Palawan, and Bohol, which is anticipated to earn up to P18.14 billion in revenue.
These five upcoming Hotel 101 properties are slated to open in 2024, allowing DoubleDragon to fulfill its 5,000-room hotel portfolio objective by 2025, giving the corporation one of the Philippines’ largest hotel portfolios.
These Hotel 101 projects will be operational in time for the predicted uptick and complete post-COVID-19 recovery by 2024, according to Sia.
DoubleDragon can generate revenue and income twice with the Hotel 101 asset light concept: first, from the pre-sale of condotel units, and then, when the project is built, from hotel operations, which means it can start generating long-term recurring revenue.
Sia stated that DoubleDragon has four pillars of growth, all of which are in the early stages of the real estate industry: hotels through Hotel of Asia Inc. (Hotel 101); provincial community malls through CityMall Commercial Centers; and warehouse and logistics complexes across the country through CentralHub Industrial Centers Inc.
“We envision DoubleDragon being the parent company, to usher its subsidiaries to eventually conduct IPOs one by one when the right time comes,” Sia said.
Even during the height of the epidemic, the Hotel 101 model, which is a three-star budget hotel, had a high occupancy rate.
The ‘Happy Rooms’ at Hotel 101 were built from the start to offer all of the conveniences of a studio unit, including kitchenettes in each room, making them ideal for long-term visitors.
Interested OFWs who wish to invest or those who wish to learn more about this project can contact DoubleDragon at [email protected]
The target completion date of this project is slated by December 31, 2022.
The Philippine Property and Investment Exhibition (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this 2022 at Crowne Plaza – Sheikh Zayed Road.
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