MANILA - DoubleDragon Corp said Hotel 101 Worldwide Pte Ltd amended its principal activities under the Singapore Regulatory Authority in preparation for its first project outside the Philippines.
Hotel 101 Worldwide's amended purpose will allow it to conduct acquisitions, investment, and development of real estate properties and ventures, as well as real estate sales, marketing, operations and management outside the Philippines, its parent DoubleDragon Corp told the stock exchange.
The move is part of DoubleDragon's goal of bringing the Hotel 101 brand and concept globally, it added.
The company said it expects to acquire its first property for development in Asia by the second quarter and launch it in the second half of the year.
"Now that the borders have opened up and the COVID-19 pandemic looks bound to end, we believe the elements are already there to finally put forward this aspiration of DoubleDragon to create a global Filipino hotel brand that every Filipino can be proud of," DoubleDragon Chairman Edgar “Iniap” Sia II said.
The first Hotel 101 project outside the country will allow Filipinos to have their "first offshore real estate investment with affordable payment terms," DoubleDragon said.
Hotel 101 is a hybrid condotel concept where investors can own a unit for lease and share revenues with the operator.
Hotel 101, Jinjiang Inn Philippines and Ascott-DD Meridian Park are among the hotel brands under DoubleDragon.