DoubleDragon Corp. said Monday its Singapore-based subsidiary Hotel101 Global Pte. Ltd. is set to list on the US Nasdaq Stock Exchange via a merger with a special purpose acquisition company (SPAC).
Post merger, Hotel101 Global will become the first Philippine company to list in US Nasdaq.
DoubleDragon said in a statement Hotel101 Global Pte. Ltd. signed a binding definitive merger agreement with a SPAC. SPAC is a blank check company incorporated for the purpose of executing a business merger.
DoubleDragon said Hotel101 Global will have an equity value of $2.3 billion (P130 billion) following the completion of the merger transaction.
The deal is expected to close in the second half of 2024 subject to regulatory and shareholder approval and other customary closing conditions.
Upon completion of the business combination transaction, the combined entity is expected to be publicly listed on the US NASDAQ under the ticker symbol “HBNB.”
Hotel101 is a hotel prop-tech operator pioneering a globally standardized, asset-light “condotel” business model.
Its first three overseas Hotel101 projects will be in Niseko Hokkaido, Japan; Madrid, Spain; and Los Angeles, California. These sites will jumpstart Hotel101 expansion plans as it aims to become a global brand with presence in more than 100 countries.
Most of the global expansion is expected to be via joint venture with developers abroad, or via licensing or franchising.
Hotel101’s long term vision is to have 1 million rooms in over 100 countries worldwide.
It identified the first 25 priority countries for expansion: the Philippines, Japan, Spain, the U.S., United Kingdom, the U.A.E., India, China, Thailand, Malaysia, Vietnam, Indonesia, Singapore, Cambodia, Bangladesh, Mexico, South Korea, Australia, Canada, Switzerland, Turkey, Italy, Germany, France and Saudi Arabia.