DOUBLEDRAGON Properties Corp. is ramping up the expansion of its hospitality segment as it plans to build a 1,001-room hotel in the tourism estate of Global-Estate Resorts, Inc. (GERI) in Boracay.
In a statement issued Thursday, the listed property developer said it will be developing Hotel101 Resort-Boracay, which it claims will be the country’s biggest hotel in terms of room count.
DoubleDragon’s subsidiary Hotel of Asia, Inc. is partnering with Newcoast South Beach, Inc. for the project, which is located in Boracay Newcoast.
“It will certainly boost DoubleDragon’s recurring revenues through the years and will also significantly help generate economic benefits to the people of Boracay as well as contribute to pump-prime further the world-class reputation of the island and the Philippines as a tourist destination,” DoubleDragon Chairman Edgar J. Sia II said in a statement.
The hotel will occupy two hectares on the beachfront cove of Boracay Newcoast, which in turn covers a total of 150 hectares. Among its amenities are a pool and outdoor deck, business center, meeting rooms and function hall, and retail, food and beverage offerings.
DoubleDragon said it will be employing eco-friendly initiatives with the construction and operation of the hotel to reduce and reuse energy, waste, and water. Some areas of the property will have solar panels and a rainwater harvesting system as well.
GERI, the leisure and tourism arm of Megaworld Corp., will also be developing in Boracay Newcoast commercial, retail, and residential condominiums surrounded by its own golf course.
“This new development by Hotel101 Resort-Boracay group will become a major provider of comfort and convenience for tourists visiting Boracay. Their eco-friendly hotel blends well with Boracay Newcoast’s sustainable development model,” Megaworld Senior Vice-President Kevin Andrew L. Tan said in a statement.
Boracay will be Hotel101’s fourth location in the country, after Manila, Fort Bonifacio in Taguig City, and Davao City.
“We envision Hotel101 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,” Mr. Sia said.
DoubleDragon is targeting to have 5,000 hotel rooms in the country under its 2020 vision. It currently has around 800 rooms under the Hotel101 and Jinjiang Inn brands.
The company also looks to have a total of 1.2 million square meters of leasable space and 100 community malls under the CityMalls brand during this period.
DoubleDragon booked P812 million in attributable profit in the first nine months of 2017, up 8% year on year, as revenues grew 105% to P4.08 billion.
Shares in DoubleDragon gained 60 centavos or 1.57% to close at P38.80 apiece at the Philippine Stock Exchange on Thursday. — Arra B. Francia