Hotel 101 signs merger deal for $2.3-B Nasdaq listing
DoubleDragon Corporation of Edgar Sia II and Ernesto Tan Caktiong reported that its Singapore-based subsidiary Hotel101 Global Pte. Ltd. is merging with JVSPAC Acquisition Corporation to pave the way for its $2.3 billion listing at the NASDAQ.
In a statement, DoubleDragon said Hotel101 and its affiliates have entered into a binding definitive merger agreement with JVSPAC which will result in the company having an equity value of $2.3 billion (P130 billion pesos) after completion of the merger.
The transaction is expected to close during the second half of 2024, subject to regulatory and shareholder approvals 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."
DoubleDragon said it is positioning Hotel101 Global to become the first Filipino company whose majority-owned subsidiary to list via SPAC (special purpose acquisition company) in the US Nasdaq Stock Exchange.
It added that Hotel101 is “seen to become a major brand, concept and business model export of the Philippines, given its Asset-Light business model could become one of the major source of US Dollar inflow to the Philippines.”
Hotel101 is a hotel prop-tech operator pioneering a globally standardized, asset-light “condotel” business model.
Outside of the Philippines, Hotel101 has broken ground in Madrid, Spain to construct a 680-room property located in the Valdebebas area beside IFEMA Convention Complex, the Real Madrid Complex and the upcoming new F1 Grand Prix Track.
Another 482-room property, Hotel101-Niseko, is under construction in Hokkaido, Japan; and a site has been secured in Los Angeles, California to build the first Hotel101 in the U.S.
Hotel101’s long-term vision is to have one million rooms, operating in over 100 countries worldwide.
As a first step, Hotel101 has 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.