The Singapore-headquartered subsidiary of Philippine-listed investment company DoubleDragon Corporation, Hotel101 Global Pte. Ltd. and affiliates (“HOTEL101″ or “HBNB”) and JVSPAC Acquisition Corporation (NYSE: JVSA) (“JVSPAC”) announced today that they have entered into a binding definitive merger agreement.
Hotel101 (HBNB) to have an equity value of US$2.3 billion (₱130 Billion pesos) following completion of the merger transaction, which is expected to close during the second half of 2024 subject to regulatory and shareholder approvals and other customary closing conditions.
Upon completion of the business combination transaction, the combined entity is expected to be publicly listed on the US NASDAQ under the ticker symbol “HBNB.”
And to become a majority-owned subsidiary of DoubleDragon Group, and the fresh equity to increase its capital base, and to further streghthen the balance sheet of DoubleDragon Corporation.
DoubleDragon positions Hotel101 Global to very soon become the first ever Filipino company whose majority-owned subsidiary to list via SPAC in the US Nasdaq Stock Exchange, and seen to become a major brand, concept and business model export of the Philippines, given its Asset-Light business model could become one of the major source of US Dollar inflow to the Philippines.
Hotel101 is a hotel prop-tech operator pioneering a globally standardized, asset-light “condotel” business model.
Outside of the Philippines, Hotel101 has broken ground in Madrid, Spain to construct a 680-room property located in the Valdebebas area beside IFEMA Convention Complex, the Real Madrid Complex and the upcoming new F1 Grand Prix Track. Another 482-room property, Hotel101-Niseko, is under construction in Hokkaido, Japan; and a site has been secured in Los Angeles, California to build the first Hotel101 in the U.S.
Hotel101’s long term vision is to have one million rooms, operating in over 100 countries worldwide. As a first step, Hotel101 has identified the first 25 priority countries for expansion: the Philippines, Japan, Spain, the U.S., United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France, and Saudi Arabia.
