Property developer DoubleDragon Corp. embarked on a global expansion of its hotel business with the acquisition of 9,000 square meters of land in Hokkaido Prefecture, Japan.
DoubleDragon said in a disclosure to the stock exchange Thursday subsidiaries DDPC Worldwide Pte. Ltd. and Hotel 101 Worldwide Private Limited paid the required deposit to purchase the land, which will be the future site of the first international Hotel 101 development.
It did not provide other details, including the timetable for the construction of the new hotel.
DoubleDragon said the upcoming Hotel 101-Niseko is expected to be patronized by local domestic travelers in Japan and foreign tourists, including Filipino travelers who visit Hokkaido for leisure.
“Hotel 101 rooms globally are intended to be typical or similar in size and look catering to the mid-end market, enabling a highly efficient booking process, allowing guests to know exactly what to expect in a Hotel 101 wherever it may be located,” DoubleDragon said.
“The concept patent of Hotel 101’s pioneering condotel concept has already been filed and the Hotel 101 trademark and country specific domains have been secured in various countries globally,” it said.
The first Hotel 101 project abroad is expected to give Filipino investors an opportunity to make their first overseas real estate investment with affordable payment terms for a hybrid condotel.
Based on the Hotel 101’s concept, all the units will be identical, allowing all owners to have an equal share in the revenues of the property.
The asset light concept allows DoubleDragon to generate revenue and income twice, first from the preselling of the units, and once the project is constructed, from recurring income from hotel operations.
Hotel 101 adopts dynamic pricing on its room rates, similar to airline tickets where price moves up and down depending on the real-time supply and demand on the chosen date of booking.
Hotel 101-Manila achieved an average occupancy rate of 96.03 percent in 2021 following the gradual lifting of mobility restrictions.
“DoubleDragon envisions the homegrown Filipino Hotel101 brand to become world-class in all standards and create job opportunities to Filipinos who reside in the Philippines or abroad, and also aims to bring a pinch of pride and honor to each and every Filipino from anywhere around the world where it may eventually locate and operate,” the company said.