Hotel101 Global, a company owned by DoubleDragon, has announced a merger with JVSPAC Acquisition Corp, valuing the Singapore-based hotel operator at $2.3 billion. The deal, subject to regulatory and shareholder approvals, will result in Hotel101 being publicly listed on Nasdaq under the ticker symbol of HBNB, making it the first Filipino-owned company with a primary listing in New York. The merger with JVSPAC, a special purpose acquisition company led by Albert Wong of Kingsway Group, will help fund Hotel101’s goal to expand its current footprint from over 1,000 rooms in Metro Manila to over 500,000 rooms across 100 locations worldwide by 2040.
Chairman and CEO of DoubleDragon and founder of Hotel101, Edgar Sia, expressed his belief in the company’s potential for global expansion through its unique and innovative concept. Hotel101 is currently constructing nine more hotels in the Philippines and is planning its first overseas projects in Japan, Spain, and the United States. The company’s asset-light business model involves pre-selling rooms before construction, allowing investors to receive a 30% share of gross hotel room revenues and enjoy a free stay for up to ten days annually while Hotel101 manages the property and covers all operating expenses.
JVSPAC Chairman, Albert Wong, is confident in Hotel101’s disruptive force in the hospitality industry, praising the company’s business model and the founders’ track record. Hotel101 aims to differentiate itself by offering rooms at least 30% cheaper than competitors through its standard 21-square meter room design and digital app for easy booking and check-in processes. The company’s unique approach to the hotel industry aims to provide a consistent guest experience across all properties, setting a new standard in the global hotel space.
The merger and Nasdaq listing will enable Hotel101 to accelerate its expansion plans, which include building more hotels in the Philippines as well as expanding internationally. The company’s growth strategy involves offering rooms at affordable rates while maintaining high quality standards and providing a seamless guest experience through its digital platform. By leveraging its asset-light business model and innovative approach to hospitality, Hotel101 aims to become a major player in the global hotel industry in the coming years.
Hotel101’s expansion plans align with its goal of becoming a leading player in the global hospitality industry, offering affordable and high-quality accommodations to travelers worldwide. By focusing on an asset-light business model and utilizing innovative technology and design concepts, the company aims to disrupt traditional hotel offerings and provide a new standard in guest experience. With the support of JVSPAC and a listing on Nasdaq, Hotel101 is on track to achieve its ambitious growth targets and establish itself as a key player in the global hotel market.
The merger with JVSPAC and the upcoming Nasdaq listing mark a significant milestone for Hotel101 as it pursues its goal of global expansion and industry disruption. Through its unique business model and commitment to providing affordable and high-quality accommodations, the company is poised to make a mark in the hospitality sector. With a strong leadership team and a clear vision for the future, Hotel101 is well-positioned to achieve its growth targets and establish itself as a key player in the global hotel industry.
