DoubleDragon expects P18-B revenue from 5 hotel projects
DoubleDragon Properties Corp. expects to generate P18.14 billion in revenues from the five projects of its subsidiary Hotel of Asia, Inc., the developer of Hotel 101.
“Hotel 101 pipeline of inventory from secured prime titled land sites in Cebu, Libis, Boracay, Palawan and Bohol are expected to generate P18.14 billion in revenues,” DoubleDragon said in a disclosure to the stock exchange on Friday.
The company said the five additional hotel properties are expected to be completed by 2024.
“The operation of these Hotel 101 projects will be just in time for the expected upswing and full [post-pandemic] recovery by 2024,” it noted.
The company added that the projects should allow it to achieve its objective of having 5,000 rooms in its hotel portfolio by 2025.
Hotel of Asia has secured the permits for the construction and pre-selling activities for its Hotel 101 project along the Cebu Mactan Airport Terminal Road near Mactan Marina Mall.
“The beach sites of the Hotel 101 projects in Boracay, Palawan and Bohol are prime white sand beachfront properties that are designed to be eco-friendly with complete modern sustainable features and facilities,” DoubleDragon noted.