HOTEL101 GLOBAL HOLDINGS Corp., the Nasdaq-listed hospitality arm of DoubleDragon Corp., is expanding further into Europe with a 429-room development in Milan, marking its second project within the region because it accelerates its international rollout.
The corporate signed a three way partnership with binding agreements to develop the condotel on a 1.4-hectare site in San Donato Milanese, a business district southeast of central Milan, it said in an announcement on Sunday.
The project is targeted for completion in 2028 and is projected to generate about €85.8 million (P5.8 billion) in unit sales.
Hotel101 Global is banking on its standardized “condotel” model — wherein individual units are sold to investors while hotel operations are centrally managed — to anchor its global expansion. Unit pricing for the Milan project is estimated at €200,000, in keeping with the corporate.
The property will offer mid-range pricing and four-star amenities, including round the clock reception, an all-day dining outlet, a 25-meter pool, a gym, business facilities, function rooms and kids’s play areas. The event may even incorporate energy-efficient features equivalent to solar panels.
Hotel101 said its Milan site sits about 7.1 kilometers from Linate Airport and 4 kilometers from the Metro Milano San Donato station, positioning it to draw each business and leisure travelers.
The corporate expects the project to attract local and foreign buyers and contribute to Milan’s economy through investment inflows, job creation and tourism-related activity.
“This expansion marks a big milestone in the corporate’s European growth strategy, bringing its novel globally standardized ‘condotel’ business model to one in every of the world’s most dynamic cities,” the corporate said.
Hotel101 has nine operating properties within the Philippines and is developing projects in Hokkaido, Madrid and Los Angeles. In May, the corporate signed an agreement with Saudi Arabia’s Horizon Group to construct 10 hotels in the dominion.
The Milan project forms a part of Hotel101’s goal to determine a presence in 25 countries over the following three years, with a long-term goal of operating a million rooms across 100 markets.
DoubleDragon said it stays the one Philippine company with a unit listed on the Nasdaq. Hotel101 Global had a market capitalization of about US$1.9 billion (P112 billion) as of end-November. — Beatriz Marie D. Cruz