DoubleDragon Properties Corp. said Tuesday it will build a 519-room hotel in Davao City, the largest in Mindanao.
DoubleDragon said in a disclosure to the stock exchange hospitality subsidiary Hotel of Asia Inc. recently signed a joint venture agreement with Davao-based W2JP2 Corp. to build Hotel 101-Davao City on a 5,300-square-meter prime commercial lot along Eco West Drive beside SM City-Davao.
Construction will start in the fourth quarter of 2017 and will be completed by 2020.
The 519-room hotel will also have a commercial and retail strip and facilities for convention.
This will be the third Hotel 101 to be developed by HOA. Already operational is Hotel 101-Manila near Mall of Asia, while Hotel 101-Fort is currently under construction.
The company aims to have 5,000 hotel rooms by 2020.
“We envision Hotel 101 to become the largest and most recognized hotel chain in the Philippines, significantly contributing to the recurring income of DoubleDragon, and at the same time providing the market with an innovative, safe and secure investment platform,” said DoubleDragon chairman Edgar Injap Sia II.
DoubleDragon recently upgraded its 2020 goal to achieve 1.2 million square meters of leasable space with a mix of office leasing, community mall retail leasing, industrial leasing and hotels.
Aside from Hotel 101 brand, HOA also operates JinJiang hotel brand which has two operational hotels along San Miguel Ave. in Ortigas and Pasay Road in Makati.
It also plans to build Jinjiang Inn in Boracay and Cagayan de Oro.
HOA said last year it was spending P6.6 billion to accelerate the expansion of JinJiang Inn across the country by 2020. From an initial target of 1,000 rooms by 2020, the company doubled its goal to 2,000 JinJiang Inn rooms.