MANILA - DoubleDragon Properties Corp. said on Tuesday it plans to build a new hotel in Davao, which will be the largest in Mindanao.
The company said its subsidiary Hotel of Asia (HOA) recently signed a joint venture agreement with a Davao-based firm to build Hotel 101 Davao City, which will have 519 rooms and will be located at the side of SM City-Davao.
DoubleDragon said construction will start in the fourth quarter of 2017 and will be completed by 2020.
The new project will be the third Hotel 101 to be developed by HOA after the one near Mall of Asia and another one in Taguig that is currently under construction.
"We envision Hotel 101 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," said DoubleDragon chairman Edgar Injap Sia II.
HOA also operates the JinJiang hotel, one of the largest hotel brands in Asia.