DoubleDragon Properties Corp. is building a 514-room hotel in Mactan, Cebu.
DoubleDragon said in a disclosure to the stock exchange hotel subsidiary Hotel of Asia Inc. signed a joint venture agreement with Federated Realty Corp. of the U-Bix Group to develop Hotel101-Cebu along the Cebu Mactan International Airport Road near the Mactan Marina Mall.
Rising on a 5,493 square meter prime commercial lot, Hotel101-Cebu will be the biggest airport hotel in Visayas. It will also have a convention center and a commercial strip.
Similar the other Hotel101 projects, rooms in Hotel101-Cebu will be pre-sold to investors to generate as much as P2.3 billion in proceeds.
HOA is pre-selling units in five hotel projects in the Fort, Davao, Boracay, Bohol, and Palawan. Including Hotel101-Cebu’s P2.33-billion in unit inventory, DoubleDragon now has P14.53 billion in Hotel101 unit inventory, which it expects to fully sell out within the next two years.
DoubleDragon said Hotel101 was positioned in the country’s top three tourist destinations, with prime beachfront locations in Boracay, Bohol and Palawan, as well as the top three major urban areas—Hotel101-Manila and Hotel101-Fort in Metro Manila, and Cebu and Davao.
“DoubleDragon strongly believes in the tourism positive prospects of our country, we are confident that Philippines will surpass 10 million annual tourist arrivals very soon,” said DoubleDragon chairman Edgar Sia II.
DoubleDragon chief investment officer Hannah Yulo said as hotel room rates and occupancy increased over time, both Hotel101 and unit owners were positioned to gain financial benefit from their real estate investment.
DoubleDragon’s hotel operating and pipeline portfolio now stands at 5,082 rooms from Hotel101s, Jinjiang Inns, Skysuites and Ascott-DD Meridian Park.
The company plans to complete a leasable portfolio of 1.2 million sqm. by 2020 comprising of 700,000 sqm from 100 CityMalls, 300,000 sqm from its Metro Manila office projects, 100,000 sqm. from the planned 5,000 hotel rooms and another 100,000 sqm. of industrial space from various CentralHub sites across Luzon, Visayas, and Mindanao.