HOTEL 101 Global Pte. Ltd. (Hotel101), a subsidiary of DoubleDragon Corp. (DD), expects to sell all units in Japan and Spain ahead of schedule as it prepares for a planned US listing in the fourth quarter (Q4).
“Hotel101 Global expects to complete and fully sell its units in Madrid, Spain and Niseko Hokkaido, Japan ahead of schedule,” DD said in a statement released on Thursday.
“Hotel101 Global is currently in the process of being listed in the US which is expected in Q4 2024,” it added.
The 680-room Hotel101-Madrid, located on a 6,593 square meter site in Valdebebas, Madrid, is scheduled to be completed by the end of 2025.
Hokkaido, Japan, with 482 rooms, will be completed in 2026.
Hotel101 will be listed on NASDAQ through a merger with JVSPAC Acquisition Corp.
The combined entity will trade under the ticker symbol “HBNB,” making Hotel101 the first Philippine company to be listed in the US.
Hotel101 expects to generate P71.2 billion from the Hotel101-Niseko project and P8.8 billion from the Hotel101-Madrid site.
Hotel101 also said that the first batch of golden visas has been issued to unit owners of its Madrid hotel project, marking a major development milestone.
“Gold visa applications are subject to review and approval by the appropriate authorities of the Spanish Government, at their discretion, but the purchase of Hotel101 units may be used by a foreign buyer to comply with the Spanish real estate investment requirement of 500,000 euros,” DD said.
Officially known as the Spanish investor visa, the golden visa is a residence permit granted to non-European citizens with large investments in the country. Applicants must purchase three Hotel101-Madrid units each to meet the investment requirements.
“We have seen incredible performance in our Hotel101 projects around the world. Hotel101-Madrid has done very well not only because it is eligible for investment under the golden visa regime but because of the opportunity it offers real estate investors around the world to participate in the booming hotel industry especially in Madrid, Spain,” Hotel101 Global Chief Executive. Said officer Hannah Yulo-Luccini.
“In fact, we have seen an increasing number of local Spanish investors buying Hotel101 units in Madrid because they believe in the potential income the project will generate once it is completed,” he added.
Meanwhile, DD Chairman Edgar “Injap” J. Sia II said the hotel project is expected to boost Spain’s economic activity.
“It would be optional for Hotel101 unit buyers if they want to apply for a golden visa for their purchase of Hotel101 units. It is worth noting that since Hotel101 is building a new list of units, it will not reduce the existing housing inventory in Spain, but will increase economic activity in Spain through the purchase of land, job creation from the construction phase to operation. of the project, and the long-term ongoing taxes that this project will bring,” said Mr. Sia.
On Thursday, DD shares fell 1.48% or 14 centavos to P9.35 per share. – Revin Mikhael D. Ochave