DOUBLEDRAGON Properties Corp. said on Friday that its hotel subsidiary has obtained a pre-selling license for a project in Ecoland, Matina, Davao City.
In a disclosure to the stock exchange, the company said its unit Hotel of Asia Inc.’s Hotel101-Davao will have 519 rooms, making it the biggest hotel in Mindanao.
It occupies 5,300 square meter site along Eco West Drive near SM City Davao.
Hotel101-Davao will have a convention center, business meeting facilities, infinity pool, fitness gym, an all-day dining restaurant and a commercial strip. It is now under construction and is set to be completed by the end of 2020.
“We envision Hotel101 to become the largest and most recognized hotel chain in the Philippines in service and value, while likewise significantly contributing to the recurring income of DoubleDragon, and at the same time providing the market with an investment backed by a condominium title,” DoubleDragon Chairman Edgar J. Sia II said in a statement.
He said the project is a prototype and has been well-received by the market.
He added that the company is ready to roll out the concept “in a big way across various strategic locations in prime tourist destinations and in major cities.”
This year, DoubleDragon is set to launch and start pre-selling four Hotel101s in Davao, Boracay, Bohol and Palawan. The unit inventory is valued at P12.21 billion, which the company targets to fully sell in the next two years.
Hotel101 is the flagship hotel brand of the listed company. It will make up majority of the 5,000 hotel rooms in its target portfolio by 2020.
Hotel101-Davao is the third such project to be launched by the company.
On Friday, DoubleDragon Properties fell 1.88% to close at P20.85. — Victor V. Saulon