By Mark Louis F. Ferrolino
Special Features Writer
DOUBLEDRAGON Properties Corp. is developing a 606-room hotel on a prime 1,224-square-meter (sq.m.) lot in Fort Bonifacio, Taguig City, as part of the developer’s plan to ramp up its hotel portfolio to 5,000 rooms by 2020.
The towering 33-storey Hotel 101-Fort is the second Hotel 101 branch to be launched in the Philippines by DoubleDragon’s subsidiary Hotel of Asia, Inc. The first branch is located at the Mall of Asia Complex.
Hotel 101-Fort will be offering the same type of rooms used in Hotel 101-Manila in terms of size and design. It will house a three-level podium dedicated to specialty retail shops and dining outlets, and a full-amenity floor.
Once completed in 2020, it is envisioned to be a premier business and leisure hotel.
“For business and leisure, the room rate really [gives] value for money. And, it’s also within the proximity of both of the business district and shopping district, so it’s a great location for anyone visiting this area,” DoubleDragon Chief Investment Officer Hannah M. Yulo told BusinessWorld on the sidelines of the project launch last week.
To offer customers with utmost comfort and convenience, the hotel will be equipped with side door entrance, spacious main lobby with a revolving door, and four high-speed elevators.
Keeping in mind the persons with disabilities, the property will be incorporating barrier-free design consideration for ramps, handrails and toilets.
Hotel 101-Fort generates revenues not just through the actual hotel operations, but also through pre-selling of units. As a “condotel,” Hotel 101 offers condominium units with access to hotel facilities.
“We’re actually selling condominium titles — similar to buying any residential unit — except that the condominium [units] will be managed by the hotel management company, which is our wholly owned subsidiary,” Ms. Yulo said.
The pre-selling of Hotel 101-Fort units, priced at P4.95 million, started last Wednesday. Investors, regardless of whether or not their rooms will be used, will get 30% of the total gross room revenues (excluding taxes).
The remaining 70% will go to the hotel management company for taking in charge of the operation expenses, unit repairs and maintenance.
“This is the alternative to that type of investment — that you are holding the same condominium title which you can resell, you can mortgage it like any other property investment — and you get to participate not only in the appreciation of property prices in the area, but you also get to participate in the growth of tourism in the Philippines because it’s a hotel investment,” Ms. Yulo shared.
Aside from this hotel project in Taguig, DoubleDragon is also constructing Hotel 101 branches in Davao City and Boracay in Aklan.
In a statement, DoubleDragon Chairman Edgar J. Sia II said Hotel 101 is poised to become the largest and most recognized hotel chain in the Philippines.
The company also targets to build a portfolio of 1.2 million sq.m. of leasable space by 2020, with 700,000 sq.m. dedicated for community malls, 300,000 sq.m. for Metro Manila office projects, 100,000 sq.m. for its hotel projects and another 100,000 sq.m. for industrial hubs.