MANILA - DoubleDragon Properties Corp. on Friday said its expansion goal in the next four years would be doubled as the firm expects a surge in Chinese arrivals in the Philippines.
DoubleDragon, through its subsidiary Hotel of Asia Inc., aims to build 2,000 JinJiang Inn hotel rooms nationwide by 2020, up from its initial goal of 1,000 rooms. The expansion will cost P6.6 billion, the company told the stock exchange.
President Rodrigo Duterte visited China this week, heralding a fresh start to strained ties. China pledged P24 billion in investments and loans and lifted an advisory to citizens against travel to the Philippines.
“We believe that the hospitality industry will continue to be one of the fastest growing segments in the county and it is an ideal way
for us to increase our leasable portfolio in line with our focus of creating recurring revenue backed by appreciating assets," DoubleDragon chairman Edgar “Injap” Sia II said in a previous disclosure.
The company is planning to expand its hotel business in 20 key areas including Quezon City, Manila, Boracay, Cavite, Baguio City,
Tagaytay City, Subic, Roxas City, Clark, Iloilo City, Cebu City, Bacolod City, Dumaguete City, Bohol, Palawan, Cagayan
De Oro City, Davao City and Zamboanga City.
DoubleDragon ventured into the hotel business in August this year with the acquisition of a majority stake in Hotel of Asia Inc., the owner of JinJiang Inn, which operates two hotels in the Philippines.
DoubleDragon shares were down 1.70 percent to P55.05 on Friday.