Hotel101 Global inks merger agreement with JVSPAC for Nasdaq listing

Hotel 101 Global Pte. Ltd., the Singapore-headquartered subsidiary of DoubleDragon Corp., on Monday said it has entered into a definitive merger agreement with JVSPAC Acquisition Corp. for its Nasdaq listing.

The merger — which values Hotel101 at $2.3 billion or P130 billion upon completion — is expected to close in the second half of 2024, subject to regulatory and shareholder approvals, and other customary closing conditions.

Listed on the Nasdaq, JVSPAC is a blank check company led by its chairman and chief executive officer Albert Wong, who has been the chief executive officer and director of Kingsway Group Holdings, the sole distributor of Lamborghini in Hong Kong, Macau, and Guangzhou.

Kingsway is also the lone distributor of Koenigsegg Automotive, Rimac Automobili and Bugatti Automobiles for China, including Hong Kong and Macau.

Hotel101 earlier said it secured the ticker symbol “HBNB” at the Nasdaq Stock Exchange, with the firm set to be the first Filipino company to list on the Nasdaq Stock Exchange through a special purpose acquisition company (SPAC).

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.—AOL, GMA Integrated News