By Revin Mikhael D. Ochave, Reporter
THE recent listing of Hotel101 Global Holdings Corp. on the Nasdaq Stock Exchange in the United States could encourage more foreign investors to consider Philippine companies, analysts said.
“By participating in other equity markets, people from other countries get to have an idea of our local corporate sector, which in turn may entice them to take a deeper look and possibly invest,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
“For the Philippine corporate sector as a whole, Hotel101’s listing is a small but significant step in making the said sector more known to the rest of the world,” he added.
Hotel101, with the ticker “HBNB,” listed on Nasdaq on June 27. It is a subsidiary of Philippine-listed investment holding firm DoubleDragon Corp. (DD), led by Edgar “Injap” J. Sia II and Tony Tan Caktiong.
Trading of Hotel101’s shares will begin on July 1, following the completion of its business combination with JVSPAC Acquisition Corp., which was approved by JVSPAC shareholders on June 24.
Hotel101 will have an equity value of $2.3 billion at the closing of the transaction. It is the first Filipino-owned company to be listed on Nasdaq. The firm operates as an asset-light, prop-tech hospitality platform offering a global standardized “condotel” business model.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said Hotel101’s listing demonstrates how newer Philippine firms can go global.
“This would signal that Philippine companies, especially relatively newer ones, can globalize their business operations and their fund-raising activities at the same time,” Mr. Ricafort said.
“Market conditions have improved, with the S&P 500 and the Nasdaq posting new record highs, thereby allowing issuers to sell at the highest possible selling prices despite recent geopolitical risks, especially tensions in the Middle East,” he added.
Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said Hotel101’s listing will boost its visibility among international investors.
“Its Nasdaq listing is expected to unlock the value of this business segment within DD, which the market has yet to fully price in,” she said.
“We expect DD’s valuation, reputation, and financial flexibility to improve, potentially narrowing the current 60–70% valuation gap,” she added.
Mr. Tantiangco said he hopes more Philippine companies will follow Hotel101’s lead in pursuing listings in the US.
“Hopefully we get to see more in the next few years. However, that would depend on the global economic landscape,” he said.
“If the global economy is still marred with uncertainties, primarily on the trade and geopolitical front, then investors could be driven to a cautious stance, which in turn would weigh on new listings,” he added.
Mr. Sia, Hotel101 founder and DD chairman and chief executive officer, said the Nasdaq listing supports Hotel101’s goal to operate one million rooms across 100 countries worldwide.
“We’re just getting started — with a globally scalable model and a long runway ahead, we aim to redefine the industry and become a leading global hospitality brand working towards our vision of an inventory of one million Hotel101 rooms globally,” he said in a statement.
“This is a historic moment for DD, becoming the first-ever Filipino company with a subsidiary listed and traded on Nasdaq. It reflects the strength of our vision and the dedication of everyone who has helped bring Hotel101 to this global stage,” he added.
Hotel101 and its affiliates currently have nine properties in the Philippines in various stages of operations and development, as well as three overseas projects under development — in Hokkaido, Japan; Madrid, Spain; and Los Angeles in the United States.
In May, Hotel101 and Horizon Group agreed to form a joint venture to develop up to 10 hotels in Saudi Arabia.
DD shares were last traded on June 27, down by 2.11% or 28 centavos to P13 apiece.
