HOTEL101 GLOBAL HOLDINGS Corp., the Nasdaq-listed hospitality arm of DoubleDragon Corp., is expanding its overseas presence with a 766-room condotel project in Melbourne, Australia, which can be the most important hotel in the town by room count.
In an announcement on Tuesday, the corporate said it signed definitive agreements to develop the condotel, which is slated for completion in 2029.
Hotel101-Melbourne, situated in the town’s central business district (CBD), is projected to generate A$323.6 million (around P12.6 billion) in total sales revenue once fully sold.
The property is near landmarks akin to Federation Square, Flinders Street Station, the Yarra River, and the Southbank entertainment precinct.
“This strategic site positions the property as a really perfect hub for leisure and business travelers searching for seamless access to Melbourne’s cultural, industrial, and sporting hubs and can complement the present premium hotel offerings within the CBD,” the corporate said.
The condotel will offer four-star amenities at reasonably priced rates, including meeting spaces, a conference center, modern rooms, 24/7 reception, all-day dining, swimming pool, gym, business center, kids’ pool, rooftop bar, parking, and luggage storage, consistent with Hotel101’s global offerings.
The event is subject to straightforward approvals from national, regional, and municipal regulators, the corporate noted.
Hotel101 currently operates nine properties within the Philippines and is developing projects in Hokkaido, Madrid, and Los Angeles.
In November, the corporate signed a three way partnership to construct a 429-room condotel on a 1.4-hectare site in San Donato Milanese, marking its second European project amid accelerated international expansion.
In May, Hotel101 also signed an agreement with Saudi Arabia’s Horizon Group to develop 10 hotels in the dominion.
The Melbourne project is an element of Hotel101’s plan to determine a presence in 25 countries over the subsequent three years, with a long-term goal of operating a million rooms across 100 markets.
DoubleDragon stays the one Philippine company with a unit listed on Nasdaq. Hotel101 Global had a market capitalization of about $2.34 billion (P139 billion) as of Jan. 16.
On the local bourse on Tuesday, DoubleDragon shares rose 2.91% to P9.55 apiece. — Alexandria Grace C. Magno