Hotel101 to have $2.3B equity following transaction

THE Singapore headquartered subsidiary of Philippine-listed investment company DoubleDragon Corp., Hotel101 Global Pte. Ltd. and affiliate JVSPAC Acquisition Corp. entered into a binding definitive merger agreement.

Hotel101 (HBNB) will have an equity value of $2.3 billion or P130 billion following the completion of the merger transaction, which is expected to close during the second half of 2024.

Upon completion of the business combination transaction, the combined entity is expected to be publicly listed on the United States National Association of Securities Dealers Automated Quotations (US Nasdaq) under the ticker symbol "HBNB."

DoubleDragon positions Hotel101 Global as the first Filipino company, whose majority-owned subsidiary, to be listed via a special purpose acquisition company in the US Nasdaq Stock Exchange. It is also seen to become a major brand, concept, and business model export in the Philippines.

Hotel101 is a prop-tech operator pioneering a globally standardized, asset-light "condotel" business model.

Outside of the Philippines, Hotel101 has broken ground in Madrid, Spain, to construct a 680-room property in the Valdebebas area. Another 482-room property, Hotel101-Niseko, is under construction in Hokkaido, Japan. A site in Los Angeles, California, has been secured to build the first Hotel101 in the U.S.

Hotel101 has identified the first 25 priority countries for expansion: the Philippines, Japan, Spain, the US, the United Kingdom, the United Arab Emirates, India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and Saudi Arabia.