MANILA - DoubleDragon Properties Corp said Thursday it would build the country's largest hotel by room count in Boracay, in a bet on one of the country's most popular tourist destinations.
Hotel 101 Resorts-Boracay will have 1,001 rooms with environmentally sustainable facilities, DoubleDragon told the stock exchange.
The hotel is a joint venture between DoubleDragon subsidiary Hotel of Asia Inc and Newcoast South Beach Inc. The two-hectare property will be located inside Megaworld's Boracay Newcoast.
"We envision Hotel101 to become the largest and most recognized hotel chain in the Philippines, significantly contributing to the recurring income of DoubleDragon, and at the same time providing the market with an innovative, safe and secure investment platform,” DoubleDragon Chairman Edgar "Injap" Sia II said.
DoubleDragon shares were up 2.09 percent in early trading, compared to a 0.42-percent advance in the main index.