DOUBLEDRAGON Corp. (DD) subsidiary Hotel101 Global Pte. Ltd. has bought a 3,647-square-meter commercial lot in Los Angeles, California for its hotel development as part of the company’s overseas expansion.
In a regulatory filing on Tuesday, DD said the newly secured lot is for its planned Hotel101-Los Angeles, which is situated at Westlake North District. It is the hotel brand’s first development in the United States.
The planned hotel is located near areas such as Downtown LA, Dodger Stadium, Crypto.com (the previous Staples Center), Hollywood, and Beverly Hills. The hotel’s location is also near Highway 101 and the Los Angeles International Airport.
“This step completes the first three strategic overseas sites of Hotel101 located in Japan, Spain, and USA, and is set to enable Hotel101 to transcend as a truly global brand,” Hotel101 Global Chief Executive Officer Hannah Yulo-Luccini said.
Hotel101-Los Angeles is projected to have 622 units subject to entitlement and zoning approval. The hotel development is expected to generate about $183 million in sales revenue.
“As history has taught us, major economic recessions have actually served as a launchpad for many inspiring entrepreneurs to leap forward. These temporary periods of dislocation and chaos have created rare windows of opportunity for their businesses to strengthen their market grip and enable many of them to become what we know today as the world’s most incredible and durable businesses,” DD Chairman Edgar J. Sia II said.
Hotel101-Los Angeles will have facilities such as an all-day dining restaurant, a business center, a swimming pool, a fitness gym, commercial space for a 24-hour convenience store, a convention center, and function rooms.
On Tuesday, shares of DD at the local bourse rose eight centavos or 1.14% to P7.07 apiece. — Revin Mikhael D. Ochave