DoubleDragon secures commercial lot for Hotel101 LA

DoubleDragon Corp., led by chairman Edgar “Injap” Sia II and co-chairman Tony Tan Caktiong, on Tuesday said it had secured a 3,647 square-meter commercial lot in Los Angeles, California which is set to generate sales revenues of about P10.3 billion.

DoubleDragon secured the prime corner lot property through its subsidiary Hotel101 Global Pte. Ltd. The commercial lot is located five minutes from Downtown LA, Dodger Stadium, and the previous Staples Center. It is also a 10-minute drive to Hollywood and 20 minutes away from Beverly Hills.

The Hotel101 in Los Angeles is set to have 622 units, along with facilities such as an all-day concessionaire-operated dining restaurant, a business center, a swimming pool, and a fitness gym.

It is also set to have commercial space for a 24-hour convenience store, a large convention center, and function rooms.

“As history has taught us, major economic recessions have actually served as a launchpad for many inspiring entrepreneurs to leap forward,” Sia said.

“These temporary periods of dislocation and chaos have created rare windows of opportunity for their business to strengthen their market grip and enable many of them to become what we know today as the world’s most credible and durable businesses,” he added.

The latest development is part of the company’s plans to put up an initial three sites overseas, along with sites in Niseko, Japan, and Spain.

Moving forward, DoubleDragon said it targets Hotel101 to be in 25 countries by 2026: the Philippines, Japan, Spain, the USA, the United Kingdom, the United Arab Emirates, India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China.

DoubleDragon ended the first half of the year with a P1.60-billion net income, up from P1.2 billion in the same period in 2022, as consolidated revenues climbed 15.62% to P3.94 billion. —VAL, GMA Integrated News