Nasdaq-bound Hotel101 eyes expansion into Latin America, Oceania, CEO says
SINGAPORE, June 6 (Reuters) - Hotel101 Global, a unit of Philippine-listed real estate company DoubleDragon (DD.PS), opens new tab, is looking to expand into Latin America and Oceania in addition to growing its presence in existing regions including Asia, its CEO Hannah Yulo-Luccini told Reuters on Friday. Last month, Hotel101 entered into a partnership with Saudi Arabia-based Horizon Group to build 10,000 rooms or 20 hotels across the Kingdom, marking its fourth destination outside of the Philippines and after Japan, Spain and the U.S. CONTEXT Hotel101 is due to list on Nasdaq following a merger with a Nasdaq-listed special purpose acquisition company JVSPAC Acquisition Corp (JVSA.O), opens new tab that puts Hotel101 equity value at $2.3 billion. Both companies on Monday had obtained regulatory nod to proceed. JVSPAC is a publicly listed shell that raises funds to merge with a private entity. WHY IS IT IMPORTANT Upon listing, the combined company will operate as Hotel101 and will become the first Philippine-owned company to be listed and traded on Nasdaq, which the CEO says will help it with its international expansion.
DETAILS Singapore-headquartered Hotel101 builds and operates hotels with standardized, 21 square metre rooms that it sells individually to investors. Its asset-light business model generates revenue first from room sales and then from the recurring income from day-to-day hotel operations.
KEY QUOTES: "This whole process of becoming a Nasdaq-listed company has really allowed us to really have that global credibility as we expand the brand to 25 countries in the near term," Yulo-Luccini said. "Other than the Saudi JV, we're actually working on five more hotel JVs."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
2 hours ago
- The Independent
Lebanon aims to lure back wealthy Gulf tourists to jumpstart its war-torn economy
Fireworks lit up the night sky over Beirut's famous St. Georges Hotel as hit songs from the 1960s and 70s filled the air in a courtyard overlooking the Mediterranean Sea. The retro-themed event was hosted last month by Lebanon's Tourism Ministry to promote the upcoming summer season and perhaps recapture some of the good vibes from an era viewed as a golden one for the country. In the years before a civil war began in 1975, Lebanon was the go-to destination for wealthy tourists from neighboring Gulf countries seeking beaches in summer, snow-capped mountains in winter and urban nightlife year-round. In the decade after the war, tourists from Gulf countries – and crucially, Saudi Arabia – came back, and so did Lebanon's economy. But by the early 2000s, as the Iran-backed militant group Hezbollah gained power, Lebanon's relations with Gulf countries began to sour. Tourism gradually dried up, starving its economy of billions of dollars in annual spending. Now, after last year's bruising war with Israel, Hezbollah is much weaker and Lebanon's new political leaders sense an opportunity to revitalize the economy once again with help from wealthy neighbors. They aim to disarm Hezbollah and rekindle ties with Saudi Arabia and other Gulf countries, which in recent years have prohibited their citizens from visiting Lebanon or importing its products. 'Tourism is a big catalyst, and so it's very important that the bans get lifted,' said Laura Khazen Lahoud, the country's tourism minister. On the highway leading to the Beirut airport, once-ubiquitous banners touting Hezbollah's leadership have been replaced with commercial billboards and posters that read 'a new era for Lebanon.' In the center of Beirut, and especially in neighborhoods that hope to attract tourists, political posters are coming down, and police and army patrols are on the rise. There are signs of thawing relations with some Gulf neighbors. The United Arab Emirates and Kuwait have lifted yearslong travel bans. All eyes are now on Saudi Arabia, a regional political and economic powerhouse, to see if it will follow suit, according to Lahoud and other Lebanese officials. A key sticking point is security, these officials say. Although a ceasefire with Israel has been in place since November, near-daily airstrikes have continued in southern and eastern Lebanon, where Hezbollah over the years had built its political base and powerful military arsenal. Tourism as a diplomatic and economic bridge As vital as tourism is — it accounted for almost 20% of Lebanon's economy before it tanked in 2019 — the country's leaders say it is just one piece of a larger puzzle they are trying to put back together. Lebanon's agricultural and industrial sectors are in shambles, suffering a major blow in 2021, when Saudi Arabia banned their exports after accusing Hezbollah of smuggling drugs into Riyadh. Years of economic dysfunction have left the country's once-thriving middle class in a state of desperation. The World Bank says poverty nearly tripled in Lebanon over the past decade, affecting close to half its population of nearly 6 million. To make matters worse, inflation is soaring, with the Lebanese pound losing 90% of its value, and many families lost their savings when banks collapsed. Tourism is seen by Lebanon's leaders as the best way to kickstart the reconciliation needed with Gulf countries -- and only then can they move on to exports and other economic growth opportunities. 'It's the thing that makes most sense, because that's all Lebanon can sell now,' said Sami Zoughaib, research manager at The Policy Initiative, a Beirut-based think tank. With summer still weeks away, flights to Lebanon are already packed with expats and locals from countries that overturned their travel bans, and hotels say bookings have been brisk. At the event hosted last month by the tourism ministry, the owner of the St. Georges Hotel, Fady El-Khoury, beamed. The hotel, owned by his father in its heyday, has acutely felt Lebanon's ups and downs over the decades, closing and reopening multiple times because of wars. 'I have a feeling that the country is coming back after 50 years,' he said. On a recent weekend, as people crammed the beaches of the northern city of Batroun, and jet skis whizzed along the Mediterranean, local business people sounded optimistic that the country was on the right path. 'We are happy, and everyone here is happy,' said Jad Nasr, co-owner of a private beach club. 'After years of being boycotted by the Arabs and our brothers in the Gulf, we expect this year for us to always be full.' Still, tourism is not a panacea for Lebanon's economy, which for decades has suffered from rampant corruption and waste. Lebanon has been in talks with the International Monetary Fund for years over a recovery plan that would include billions in loans and require the country to combat corruption, restructure its banks, and bring improvements to a range of public services, including electricity and water. Without those and other reforms, Lebanon's wealthy neighbors will lack confidence to invest there, experts said. A tourism boom alone would serve as a 'morphine shot that would only temporarily ease the pain" rather than stop the deepening poverty in Lebanon, Zoughaib said. The tourism minister, Lahoud, agreed, saying a long-term process has only just begun. "But we're talking about subjects we never talked about before,' she said. 'And I think the whole country has realized that war doesn't serve anyone, and that we really need our economy to be back and flourish again.'
Powys County Times
2 hours ago
- Powys County Times
Presteigne fish and chip shop the highest-rated in Powys
The highest-rated fish and chip shop in Powys has been revealed. Victoria Fish Bar, located in Presteigne, boasts a near-flawless 4.8-star rating on Google Reviews (from 76 reviews) - the highest of any chippy in the county. Customers have raved about the fish and chip shops "perfect" food and have described it as "the best anywhere". The highest-rated fish and chip shop in Powys - Victoria Fish Bar Victoria Fish Bar (52 High Street, Presteigne, LD8 2BE) serves a "varied range" of food, according to its Facebook page, alongside the traditional fish and chips. This includes doner kebabs, burgers, pies and sausages. Visitors have raved about the Presteigne-based fish and chip shop, with one person on Google Reviews saying: "Best fish and chip shop in mid Wales! Staff absolute brilliant, and the food was perfect." Another added: "This is one of the best fish and chip shops i have been to. Amazing portions nothing to much trouble,and al my food was cooked from fresh. "Everyone try fish and chip shop you won't be disappointed at all." The best fish and chip shops in the UK While a third customer commented: "This is the best fish and chips I've had anywhere, and I have tried many! Portion sizes are big. Prices very good. "You can also get fish bites (yummy!), mini fish, burgers, pies, sausages etc etc, plus a range of daily specials. "The place looks plain but it's clean and functional. Very friendly, run by locals, supported by locals, always fresh. "My only bug bear - it's cash only. But there is a cash point just a couple of minutes away, get some whilst they prepare your meal…" RECOMMENDED READING: Victoria Fish Bar also boasts a 3.9 (out of 5) rating on Tripadvisor from 48 reviews. A regular visitor, commenting on Tripadvisor, said: "We go here quiet a bit the fish and chips are really nice and staff friendly would reccomend. "Lots of choice and new things on the menu too. Very tasty."
Daily Record
4 hours ago
- Daily Record
Firm at centre of NHS corruption scandal moves business to new company as directors jailed
Four men were jailed for a total of 29 years following a major investigation into the award of lucrative NHS contracts to Ayrshire-based telecommunications firm, Oricom. The firm at the centre of a £6m NHS corruption scandal is set to move its business to a new company linked to its jailed directors. Four men found guilty following a major investigation into the award of lucrative NHS contracts to an Ayrshire-based telecommunications firm were jailed for a total of 29 years on Thursday. Oricom directors Adam Sharoudi, 41, and Gavin Brown, 48, secured major deals with the illegal help of NHS telecoms chiefs Alan Hush, 68, and 60 year-old Gavin Cox. The probe was first revealed by the Daily Record after an NHS counter fraud team swooped on Oricom's offices in Irvine in 2015. Now a letter to customers from a current Oricom boss has revealed the service is to be managed by a company called Freestyle Communications Limited. Service Delivery Director David Ross said the change, set to take place from June 19, was 'part of a long-term plan to improve how we deliver your service'. Convicted directors Brown and Sharoudi were named on Companies House as having 'significant control' of Freestyle in May 2023, but filed a cessation in August last year. Prosecutors proved, during a mammoth three-month trial, that contracts for the supply and maintenance of telecoms equipment by Oricom broke rules on financial wrongdoing in the tendering process. Hush was jailed for eight years after being found guilty of nine charges. Cox was locked up for six years for the two jurors convicted him of. Sharoudi was also handed an eight year term having been convicted of seven charges. Brown was jailed for seven years for a total of six. Lord Arthurson said: "The reach and character of the corruption and, in particular, the corrupt relationship engaged by all of you was on a grand scale.' Hush was the telecommunications manager at NHS Lothian and then NHS Scotland video conferencing manager. Cox held the post of head of IT and infrastructure at NHS Lanarkshire. The pair abused their powers as 'public servants' to push deals through. One contract alone was worth £3.1m. In return, Hush got £18,231 of cash bungs and gifts, Cox a total of more than £70,000. All four men had denied the charges, spanning between 2010 and 2015, included bribery, corruption, fraud, theft as well as others under the Proceeds of Crime Act. In Oricom's letter to customers, Ross said the firm was 'moving to a dedicated telecoms management company focused solely on service delivery and support'. He said: 'Your contract terms, pricing, and service all remain unchanged. You'll continue to receive uninterrupted service. You'll still have access to the same support team under the new structure. Join the Daily Record WhatsApp community! Get the latest news sent straight to your messages by joining our WhatsApp community today. You'll receive daily updates on breaking news as well as the top headlines across Scotland. No one will be able to see who is signed up and no one can send messages except the Daily Record team. All you have to do is click here if you're on mobile, select 'Join Community' and you're in! If you're on a desktop, simply scan the QR code above with your phone and click 'Join Community'. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. To leave our community click on the name at the top of your screen and choose 'exit group'. If you're curious, you can read our Privacy Notice. 'Why are we making this change? By moving your account to Freestyle Communications, we're simplifying operations and placing service management in the hands of a team 100% focused on telecoms. 'Freestyle Communications is part of the same group and is fully regulated by Ofcom.' Current directors of Freestyle are named as Ross, Stephanie Brown and Simon Agnew. Brown and Sharoudi resigned as directors of Oricom earlier this month, following their convictions at the High Court in Glasgow. They have also been banned from being a company director for the next 10 years and will face proceeds of crime proceedings. Over 250 witnesses were also interviewed and tens of thousands of text messages and emails reviewed as part of the probe. Gordon Young, Head of NHS Scotland Counter Fraud Services it was a 'landmark conviction' of 'individuals who sought to exploit the NHS for personal gain'. We approached Oricom for comment.
