DoubleDragon Properties Corp. on Friday said it has secured the permit to start construction and pre-selling activities in its Hotel 101 project in Cebu.
The property firm in a disclosure said its hotel subsidiary, Hotel of Asia Inc., received its DHSUD (Department of Human Settlements and Urban Development) LTS (License to Sell) LS-R07-21-088 for the Hotel 101-Cebu Mactan Airport.
The 548-room hotel will rise along the Cebu Mactan Airport Terminal Road and will serve as the biggest airport hotel in the VisMin region.
DoubleDragon said its Hotel 101 pipeline of inventory from secured prime titled land sites in Cebu, Libis, Boracay, Palawan and Bohol is expected to generate P18.14 billion in revenues for the company.
The properties are seen to be completed by 2024.
"The completion of these new Hotel 101 projects will be perfectly timed with the full recovery and anticipated rebound in the tourism industry in the Philippines," DoubleDragon Chief Investment Officer Hannah Yulo-Luccini was quoted as saying in the disclosure.
"We believe in a couple of years, all this pent-up demand for tourism will cause an unseen surge in demand for modern branded hotel rooms across the country and DoubleDragon is getting ready to become a major beneficiary of that," she continued.
The Hotel 101 projects are also seen enabling the company to reach its goal of a 5,000-hotel room portfolio by 2025.
DoubleDragon noted that the operational Hotel 101-Manila maintained a strong occupancy of 92.93 percent in the first half of the year despite the ongoing pandemic.
The property developer reported a first half income of P3.72 billion, while its consolidated revenues ended at P2.69 billion during the period.
Shares of DoubleDragon gained 18 centavos or 1.58 percent to end at P11.58 apiece on Friday.