DoubleDragon Corporation amends Hotel 101's primary purpose

March 04, 2022

The amendment is a step forward towards DoubleDragon's aspiration to export the Hotel 101 brand and concept globally.

DoubleDragon Corporation's ("DoubleDragon") offshore subsidiary, Hotel 101 Worldwide Private Limited "(Hotel 101 Worldwide)," completed the change of its principal activities on Singapore's Regulatory Authority.

The change and update of its primary and secondary activities now allows it to conduct acquisition, investment and development of real estate properties and ventures, as well as conduct real estate sales, marketing, operations and management of the Group's projects outside the Philippines.

A step forward towards DoubleDragon's aspiration to export the Hotel 101 brand and concept globally, the expansion may be made directly by Hotel 101 Worldwide or through partnerships and joint ventures with other property developers in other countries.

Given this development and the latest easing of restrictions of the Covid19 pandemic, DoubleDragon expects to acquire its first property for development in Asia by the second quarter of 2022, and launch by the second half of 2022.

DoubleDragon has shortlisted sites where Hotel 101 is expected to be patronized by local and foreign tourists as well as Filipinos who visit that country for business or leisure. The first Hotel 101 project outside the Philippines is also expected to give Filipino investors a chance to make their first offshore real estate investment with affordable payment terms for their hybrid condotel Hotel 101 investment.

The concept patent of Hotel 101's pioneering condotel concept has already been filed. The Hotel 101 trademark and domains have been secured in various countries of the world.

The Hotel 101 concept is a hybrid condotel model where all the units or "Happy Rooms" as they are called are identical, thus, allowing all unit owners to have an equal share in the revenues of the Hotel 101 property. The Hotel 101 App for both Apple iOS and Android will be launching soon.

"The development and completion of these new Hotel 101 projects will be perfectly timed with the full recovery and anticipated rebound in the tourism industry. We believe in a couple of years, all this pent up demand for tourism will cause an unseen surge in demand for hotel rooms across the globe," said DoubleDragon Chief Investment Officer Hannah Yulo-Luccini.

"Filipinos are admired all over the world for being highly hospitable people. In fact, many hotels around the world are ably handled by Filipino talents.

With that in mind, DoubleDragon believes it's about time that a Filipino company pursues that aspiration of creating a homegrown Filipino hotel brand that is recognized globally and will eventually bring honor and pride to Filipinos.

We are grateful to the DoubleDragon team who have, over the years, been able to put together, polish and test the unique and pioneering Hotel 101 hybrid condotel concept and most especially put to life an exportable concept for the world. We are also glad to have been able to file the Hotel 101 concept patent early on," said DoubleDragon Chairman Edgar "Injap" Sia 2nd.

DoubleDragon currently has 6,165 hotel rooms in its nationwide portfolio that are operational, under construction and about to launch hotel projects across its brands Hotel 101, Jinjiang Inn Philippines and Ascott-DD Meridian Park.

"Now that the borders have opened up and the Covid19 pandemic looks bound to end, we believe the elements are already there to finally put forward this aspiration of DoubleDragon to create a global Filipino hotel brand that every Filipino can be proud of," Sia finally said.

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