DOUBLEDRAGON Properties Corp. is partnering with Davao-based W2JP2 Corp. for the construction of Hotel 101 Davao City, slated to become the largest hotel in Mindanao.
In a statement issued Tuesday, the listed property developer said it signed a joint venture with the company to build the hotel on a 5,300-square meter (sq.m.) commercial lot in Eco West Drive, located along SM City Davao.
Hotel 101 Davao will have a total of 519 rooms, alongside a commercial and retail strip and facilities to be used for conventions. DoubleDragon looks to start construction of the project by the fourth quarter, with completion targeted on 2020.
“We envision Hotel 101 to become the largest and most recognized hotel chain in the Philippines, significantly contributing to the recurring income of DoubleDragon, and at the same time providing the market with an innovative, safe, and secure investment platform,” DoubleDragon Chairman Edgar ‘Injap’ J. Sia II said in a statement.
Hotel 101 Davao will be the third of the Hotel 101 brand by DoubleDragon subsidiary Hotel of Asia, Inc. (HOA). The first, called Hotel 101 Manila, is near the SM Mall of Asia complex, while the second one is under construction in Taguig City and is called Hotel 101 Fort.
Other than the Hotel 101, HOA is also the exclusive master franchisee of Chinese hotel chain Jinjiang Inn Philippines in the country. DoubleDragon is aiming to have 5,000 hotel rooms under its portfolio by 2020 from both Hotel 101 and Jinjiang Inn Philippines. The additional hotel rooms would translate to 100,000 sq.m., which forms part of DoubleDragon’s revised target of 1.2 million sq.m. of leasable portfolio by 2020, from an initial goal of 1 million sq.m.
Shares in DoubleDragon climbed 20 centavos or 0.46% to P44 apiece on Tuesday. — Arra B. Francia
