DoubleDragon defies pandemic slump, sets launch of 3 new Hotel 101 this year
MANILA – DoubleDragon Properties Corp said Wednesday it would launch pre-selling activities in 3 new Hotel 101 projects this year, expecting at least P11.03 billion in sales revenue.
The 3 new hotels, under its 3-star Hotel 101 brand, are located in Cebu, Boracay and Libis, the property firm said in a disclosure to the stock exchange.
DoubleDragon said the new projects would add 2,251 new rooms to its hotel portfolio.
“The completion of these new Hotel 101 projects will be perfectly timed with the full recovery and anticipated rebound in the tourism industry in the Philippines. We believe in a couple of years, all this pent up demand for tourism will cause an unseen surge in demand for hotel rooms across the country,” DoubleDragon chief investment officer Hannah Yulo-Luccini said.
Hotel 101 was able to maintain “high occupancy” during the pandemic as it provided accommodation for BPO employees. Units are equipped with kitchenettes, making them suitable for long staying guests especially during the pandemic, it said.
The model also allows DoubleDragon to earn twice, once from pre-selling of condotel units and secondly from long term recurring revenue from hotel operations, it said.
The Hotel 101 Manila maintained an occupancy rate of 80.11 percent in 2020, the developer said.
Hotel of Asia, DDMP REIT, CentralHub Industrial Centers and CityMall Commercial Centers are also among the brands under the DoubleDragon portfolio.