Hotel101 to file for Nasdaq listing in April

DoubleDragon Corp.'s subsidiary, Hotel101 Global Pte. Ltd. is preparing to list on the Nasdaq Stock Exchange as it is set to file its prospectus in April.

According to DoubleDragon chief executive officer Edgar “Injap” Sia II, the company is now processing the listing, with details to be released in the next few weeks.

“We’ll file hopefully right after next month,” he said in a chance interview on the sidelines of an event in Makati City late Monday evening.

Sia did not elaborate and said that the final valuation is still being finalized.

Hotel101 has already secured the ticker symbol “HBNB” at the Nasdaq Stock Exchange, with merger agreements with a special purpose acquisition company (SPAC) set to be signed by March, which will be followed by the official filing of its prospectus.

“DoubleDragon expects Hotel101 Global to very soon become the very first Filipino company to list via SPAC on the US Nasdaq Stock Exchange and [is] seen to become one of the major brands, concepts, and business model exports of the Philippines,” DoubleDragon said in a regulatory filing last week.

Hotel101’s first three overseas projects are located in Niseko Hokkaido, Japan; Madrid, Spain; and Los Angeles, California, in the United States, which are set to jumpstart its expansion to other areas as it targets to accumulate a portfolio of 1 million rooms in 101 countries before 2050.

It also seeks to expand in areas such as the United Kingdom (UK), the United Arab Emirates (UAE), India, Thailand, Malaysia, Vietnam, Indonesia, Saudi Arabia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and China.

Hotel101 has an average of 500 rooms per site, with the typical unit coming with prefabricated toilets and standardized flat-pack furniture with the same type of bulb used throughout the whole building.

It is expected to get 95% of its revenues outside of the Philippines, which will then be consolidated back to its ultimate parent, DoubleDragon.

DoubleDragon posted a P2.47-billion net income in the first nine months of 2023, reflecting a 0.68% increase as its revenues climbed by 3.01% to P6.15 billion.  — VBL, GMA Integrated News