Corporate News

By Keith Richard D. Mariano, Reporter

DoubleDragon allocates P6.6B to build more JinJiang hotels

Posted on October 22, 2016

DOUBLEDRAGON Properties Corp. will accelerate the expansion of its hotel business, pouring in P6.6 billion for the development of JinJiang Inn hotels across the country.

In a statement issued on Friday, the property developer announced its subsidiary Hotel of Asia, Inc. (HOA) has decided to double its inventory target to 2,000 rooms under the Chinese brand by 2020.

The expansion was accelerated on expectations the number of Chinese businesses and tourists in the Philippines would surge.

DoubleDragon co-chairmen, Edgar J. Sia II and Tony Tan Caktiong, have joined the delegation of President Rodrigo R. Duterte for the Philippine leader’s state visit to the world’s second-largest economy.

The expansion was announced on Friday in Beijing in the presence of Mr. Duterte and certain Cabinet officials.

“JinJiang Inn is one of the largest hotel chains in China, and we are excited to further grow the brand to support the expected influx of the Chinese guests and tourists to the Philippines,” Mr. Sia was quoted as saying in the statement.

HOA, through a subsidiary, holds the exclusive master franchise of JinJiang Inn in the Philippines.

JinJiang Inn currently operates two hotels in the country, one each in the Ortigas Center and Makati. It considers expanding into Quezon City, Manila, Boracay, Cavite, Baguio City, Tagaytay City, Subic, Roxas City, Clark, Iloilo City, Cebu City, Bacolod City, Dumaguete City, Bohol, Palawan, Cagayan De Oro City, Davao City and Zamboanga City.

DoubleDragon recently completed acquiring a 70% stake in HOA for P832.17 million to take advantage of the growing tourism industry as well as optimize the use and value of its prime commercial properties.

HOA currently has 866 rooms in the Jinjiang Inn hotels in Ortigas and Makati, Hotel 101 in the Manila Bay area and Injap Tower Hotel in Iloilo City.

DoubleDragon, which started commercial operations in November 2010, primarily engages in the development of community malls. Its project portfolio also includes residential and office buildings.

Shares in DoubleDragon closed 25 centavos or 0.45% lower at P55.75 apiece on the Philippine Stock Exchange on Friday.