Latest news with #Hotel101
Forbes
2 days ago
- Business
- Forbes
Jollibee Billionaire-Backed Hotel101 To Build 10,000 Rooms Worth $2.5 Billion In Saudi Arabia
Hotel101 Global—a unit of DoubleDragon, which is jointly owned by Philippine fast food giant Jollibee founder Tony Tan Caktiong and real estate tycoon Edgar Sia II—is expanding into Saudi Arabia with plans to build 10,000 rooms worth $2.5 billion amid a travel boom. In partnership with Saudi Arabia-based Horizon Group, Hotel101 has identified an initial five sites for its hotels with the first project to be built in Medina followed by Riyadh, Jeddah, Abha and Alula, Hotel101 said in a statement Thursday. Each Hotel101 site will have an average of 500 rooms, the company said. The joint venture comes ahead of Hotel101's planned listing in Nasdaq that DoubleDragon co-chairman Sia told Forbes Asia in February will be done by the first half of 2025. The Nasdaq listing has been on the table since Singapore-based Hotel101 completed a $2.3 billion merger with a Hong Kong-based special purpose acquisition company. 'We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international,' Hotel101 CEO Hannah Yulo-Luccini said. 'We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally.' Saudi Arabia—one of the 25 countries initially identified for Hotel101's expansion—registered 27 million international tourists and 79 million domestic tourists in 2023 who spent about $67 billion, according to the company. Saudi Arabia is also a key market in the Middle East for overseas Filipino workers, whose remittances have supported consumer spending in the Philippines. Hotel101 aims to build a global chain by offering identical, standardized rooms in all its properties for efficiency and affordability. Adopting the 'condotel' concept that gained popularity in the U.S. in the 1980s, Hotel101's rooms, while under construction, are pre-sold at an average price of as much as $250,000 apiece to investors, who can get a 30% share of the gross hotel room revenues and can stay for free up to ten days every year. 'With Hotel101's rapid-build model and Horizon's local know-how, we will add 10,000 quality, affordable rooms across the Kingdom,' said Horizon Group CEO Abdulrahman Sharbatly. Saudi Arabia is the fourth destination outside of the Philippines for Hotel101, which has assets under construction in Japan's ski town of Niseko in Hokkaido, Madrid and Los Angeles. Hotel101 currently has over 1,100 rooms in two operating hotels in the Philippines where it's currently building nine more properties. It aims to have a million rooms by 2050. With a fortune of $340 million, Sia ranked No. 39 when the list of the Philippines' 50 Richest was published in August. Tan Caktiong, who has a net worth of $2.9 billion, is No. 6. Horizon Group has interests in real estate, trading, hospitality and transportation. It owns a stake in SAMACO, which distributes car brands such as Audi, Bentley, Porsche, and Bugatti in Saudi Arabia.
GMA Network
3 days ago
- Business
- GMA Network
Hotel101 Global to develop 10,000 rooms in Saudi Arabia
Hotel101 Global Pte. Ltd., the Singapore-headquartered subsidiary of DoubleDragon Corp., has partnered with the Horizon Group to develop up to 10,000 rooms in the Kingdom of Saudi Arabia, expected to translate to a $2.5-billion or P137.5-billion project value. Under the partnership, the two parties have identified an initial five locations, with the first being in Medina, followed by Riyadh, Jeddah, Abha, and Alula, with an average of 500 rooms per site. This comes as Hotel101 adopted a global "one room" hotel chain, offering identical, standardized hotel rooms. It also has an asset-light "condotel" business model, designed to scale efficiently while maximizing value for unit owners and guests. "We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally," Hotel101 chief executive officer Hannah Yulo-Luccini said in an emailed statement. "With Hotel101's rapid-build model and Horizon's local know-how, we will add 10,000 quality, affordable rooms across the Kingdom—supporting Vision 2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike," Horizon Group chief executive officer Abdulrahman Sharbatly said. Saudi Arabia targets to reach 150 million tourists by 2030, after welcoming 27 million international tourists and 79 million domestic tourists in 2030, reaching a 100-million visitor mark. "We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel 101 rooms worldwide," Hotel101 Global founder Edgar "Injap" Sia II said. Hotel101 officially filed its F-4 Registration Statement with the US Securities and Exchange Commission on February 1 (Philippine time), taking a key step toward its $2.3-billion Nasdaq listing. The firm entered a definitive merger agreement with JVSPAC Acquisition Corp. in April 2024, positioning DoubleDragon to become the first Filipino company with a subsidiary listed on Nasdaq. 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. — VDV, GMA Integrated News
Zawya
3 days ago
- Business
- Zawya
Hotel101 signs joint partnership agreement with Horizon Group to develop 10,000 keys in the Kingdom of Saudi Arabia
Saudi Arabia: Hotel101 Global (Hotel101) is pleased to announce the signing of a Joint Partnership Agreement with Horizon Group (Horizon) as the main partner for Hotel101's expansion into the Kingdom of Saudi Arabia with a vision to introduce the fast-growing Hotel101 Brand and develop up to ten thousand (10,000) rooms which is expected to translate to about US$2.5 Billion (Php137.5 Billion) in project value . An initial five (5) locations for Hotel101 Projects have been identified, the first of which is intended to be located in Medina, followed by Riyadh, Jeddah, Abha and Alula. Hotel101's global "one room" hotel chain is poised to disrupt the tourism industry by oVering identical, standardized hotel rooms globally. In standardization, Hotel101 sees a global opportunity in the hospitality space that brings unbeatable eViciency, especially for the value segment so customers know exactly what to expect wherever they may be in the world. Hotel101's asset-light 'condotel' business model is designed to scale eViciently while maximizing value for both unit owners and guests. The partnership unites Hotel 101's high-eViciency HappyRoom concept and condo-hotel funding model with Horizon's deeply rooted market expertise and expert connections in the region. 'We are inspired by the leaders of Saudi Arabia and their sheer determination and will power to make things happen, as such, we are confident in the plans they have laid out for the region and we believe the Hotel101 concept will be able to make a significant contribution in terms of room keys to complement the 2030 Vision for the Kingdom, and to form part of our global vision of 1 million Hotel101 rooms worldwide,' said Hotel101 Global Founder Edgar 'Injap' Sia II. 'We feel very fortunate to have found the right local partners to rapidly expand the Hotel101 brand in the Kingdom of Saudi Arabia, which is one of the 25 countries we have identified for the initial expansion of Hotel101. We see tremendous opportunities in the Kingdom of Saudi Arabia given the high growth in tourism both domestic and international. We believe Saudi Arabia will be one of the most exciting markets for Hotel101 globally,' said Hotel101 CEO Hannah Yulo-Luccini. 'With Hotel 101's rapid-build model and Horizon's local know-how, we will add 10,000 quality, aLordable rooms across the Kingdom—supporting Vision 2030, creating Saudi jobs, and expanding options for pilgrims, tourists, and business travelers alike.' said Horizon Group CEO Abdulrahman Sharbatly. Hotel101 recognizes the strategic opportunities presented by the Saudi market and its Vision 2030 plan. Hotel101 is committed to rolling out a standardized and predictable Hotel oVering on average 500 rooms per site which can cater to the evolving and growing demands of the Saudi market. In 2023 Saudi Arabia welcomed 27 million international tourists and 79 million domestic tourists breaching the 100 million visitor mark. A total spend of USD 67 billion showcased the robust tourism sector of Saudi Arabia. This is in line with the target of reaching over 150m tourists by 2030. This provides substantial opportunities in support services and infrastructure in areas such as Hotels, Shopping, F&B and transportation. About Horizon Group Horizon Group is a Saudi-headquartered investment company led by the brothers Khaled and Abdulrahman Sharbatly, and Wael Daqal, with a focus on partnering and investing in Vision 2030 industries with international market leaders. Horizon has many partnerships and aViliations such as Alnahla Group and SAMACO and is a market leader in its industry with a preference and focused on Hospitality and Manufacturing. The agreement was signed by Hotel101 Global CEO Hannah Yulo-Luccini and Horizon Group CEO Abdulrahman Sharbatly in Medina, Saudi Arabia and witnessed by: Edgar 'Injap' Sia II —DoubleDragon Corporation Chairman & Hotel101 Founder, Khaled Sharbatly Chairman, Horizon Group, Wael Daqal Board Member, Horizon Group, Hisham Al Ansari – Board Member, Horizon Group, Rodolfo 'Pong' Ponferrada DoubleDragon President & Hotel101 Global Executive Chairman and Matthew Morio Hotel 101 Global Director for Strategic Partnerships MEA. On the same day of the signing, the partners also met with the Mayor of Medina, Saudi Arabia and CEO of the Medina Region Development Authority, Eng. Fahad Albuliheshi to discuss the Group's expansion plans in Medina, Saudi Arabia.
Yahoo
28-03-2025
- Business
- Yahoo
Hotel101 IPO? 6 Facts About the Hotel Condo Brand's Planned SPAC
Hotel101 Global, a subsidiary of the Philippines-based real-estate company DoubleDragon, known for its popular Philippine fast-food chain, Jollibee, is still hoping for an IPO through a merged special-purpose acquisition company (SPAC). In April 2024, Hotel101 Global and JVSPAC Acquisition Corp. signed a merger agreement, and in January, the two said they submitted a filing to the U.S. Securities and Exchange Commission. The companies haven't announced a date for an IPO and declined requests for an interview. But on March 11, Hotel101 Global CEO Hannah Yulo-Luccini spoke at the MIPIM real-estate conference in Cannes where she reiterated the company's ambition to complete the SPAC transaction by mid-year. A SPAC, also known as a 'blank-check company,' is a shell company that raises capital for an IPO and then merges with a private company to go public. This method avoids the usual difficult vetting process to become listed. Recent travel SPACs have not fared well. In 2024, travel agent booking platform Mondee delisted from the Nasdaq, and its CEO took a leave of absence. Travel lodging company Sonder replaced its CEO and has faced delisting, though it continues to trade on the Nasdaq. However, Amex GBT went public via a successful $5.3 billion SPAC deal in 2021. Here's what we know about the potential deal: Hotel101 pegs its IPO value at $2.3 billion. It expects the SPAC to happen in the first half of 2025, pending regulatory and shareholder approval. The company will trade under the ticker symbol HBNB. The JVSPAC Acquisition Corp. currently has about $82 million in assets, according to Bloomberg. Hotel101 calls itself a 'condominium hotel.' It sees itself as combining short-term rental platforms, like Airbnb, where third parties own the inventory, but offering the standardization and efficiency of a traditional hotel, like Sonder, Placemakr, Homes and Villas by Marriott Bonvoy, and Accor's OneFineStay. The hotel rooms are owned by individual owners but managed and maintained by Hotel101. Unit owners pay property and income tax and receive 30% of gross room revenue monthly. They receive 10 free stays a year. Hotel101 only has three open properties, all in Manila. It seeks to have properties in 25 countries "by 2026." The brand is building its first overseas properties now. One is a 680-room hotel in Madrid in the Valdebebas area close to Real Madrid's football complex. The other is a 482-room hotel in Hokkaido, Japan. It has eight other hotels in development in Asia Pacific. Hotel101 said it intends to build its first U.S. location in Los Angeles. DoubleDragon, the current owner of Hotel101 Global, is a diversified real estate company publicly traded on the Philippine Stock Exchange. As of June 2023, it had about $3 billion in assets and 1.2 million square meters of office, retail, and industrial assets. In the first nine months of 2024, DoubleDragon reported about $44 million in net income and about $111 million in revenue. According to S&P Capital IQ, its debt-to-asset ratio was about 39% at the end of last year. Hotel101's founders are Edgar 'Injap' J. Sia II and Tony Tan Caktiong, who founded Mang Inasal and Jollibee, respectively. Hotel101's app has one million registered users already, the company said. For more on the company, see JVSPAC's filings with the U.S. SEC, the Hotel101 site, and the DoubleDragon site. What am I looking at? The performance of hotels and short-term rental sector stocks within the ST200. The index includes companies publicly traded across global markets, including international and regional hotel brands, hotel REITs, hotel management companies, alternative accommodations, and timeshares. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more hotels and short-term rental financial sector performance. Read the full methodology behind the Skift Travel 200. Get breaking travel news and exclusive hotel, airline, and tourism research and insights at Sign in to access your portfolio
