MANILA - DoubleDragon said Thursday its homegrown hotel brand has paid the required deposit for its first Hotel101 located in Japan.

In a disclosure to the stock exchange, DoubleDragon said it subsidiaries Hotel101 Worldwide Pte Ltd and DDPC Worldwide Pte Ltd paid the required deposit in the sales contract for the purchase of a 9,000 sqm land for its branch in Hokkaido Prefecture in Japan.

The upcoming Hotel101 - Niseko, in Hokkaido Prefecture, is expected to cater to local travelers in Japan, foreign tourists and Filipino travelers, DoubleDragon said.

DoubleDragon said Hotel101 rooms are designed to be similar in size and to cater to the mid-end market. It also offers dynamic pricing, the company said.

Hotel101 follows a condotel concept allowing DoubleDragon to generate revenues twice, first from the pre-seeling of select units and through recurring hotel operations, it said.

"DoubleDragon envisions the homegrown Filipino Hotel101 brand to become world-class in all standards and create job opportunities to Filipinos who reside in the Philippines or abroad, and also aims to bring a pinch of pride and honor to each and every Filipino from anywhere around the world where it may eventually locate and operate," it said.

Hokkaido, the northernmost island of Japan, is accessible via a few hour-flight away from Manila to Sapporo New Chitose Airport.

During summer, Hokkaido draws travelers due to the sceneries, flower fields and hot springs.

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