HOTEL101 Global Holdings Corp. is entering Thailand with its first hotel project within the country after signing definitive binding agreements with Thailand-based Origin Property PCL to jointly develop Hotel101-Bangkok, a 770-room property.
In a press release on Wednesday, the Nasdaq-listed subsidiary of DoubleDragon Corp. (DD) said the project will rise on an 8,336-square-meter (sq.m.) site along Phahon Yothin Road, near Don Mueang International Airport and adjoining to the Yaek Kor Por Aor BTS Station.
Based on Hotel101 Global, the location provides access to Bangkok’s BTS Skytrain network and is near business, residential, and tourism destinations, including Yaek Night Market and Chatuchak Market.
“This expansion marks a big milestone in the corporate’s global growth strategy, bringing its novel, globally standardized condotel business model to certainly one of Southeast Asia’s most dynamic capital cities and major transportation hubs,” the corporate said.
Hotel101 Global said the project is predicted to generate about 1.925 billion baht (about $58 million) in sales revenue once fully sold and is scheduled for completion in 2029.
The corporate said Hotel101-Bangkok will offer four-star facilities, including meeting spaces, a conference center, all-day dining, a swimming pool, a gym, a business center, a children’s pool, parking, and luggage storage.
The Bangkok project forms a part of DoubleDragon’s technique to expand the Hotel101 brand outside the Philippines and establish a presence in key international markets.
Hotel101 Global said it expects so as to add 2,229 hotel rooms this yr through projects within the Philippines and Japan.
Planned openings include a 519-room hotel in Davao, a 548-room property in Cebu, and a 482-room development in Niseko, Hokkaido.
DoubleDragon shares closed unchanged at P11.34 each on Wednesday. — Alexandria Grace C. Magno