Joint venture partners Lorenzo Jun Te, Sammy Uy of W2JP2 Corp. and Edgar Sia II, Ferdinand Sia of DoubleDragon, on a courtesy call to Davao City mayor Sara Duterte after signing venture to build 519-room Hotel 101 in the city
A unit of property developer DoubleDragon Properties Corp. is set to build what is touted to be Mindanao’s biggest hotel, a 519-room Hotel 101 with shopping and convention facilities in Davao City.
In a disclosure to the Philippine Stock Exchange on Tuesday, DoubleDragon that Hotel 101-Davao City would break ground in the last quarter of the year and is targeted to be completed by 2020.
Hotel 101 is a brand of Hotel of Asia Inc. (HOA), a subsidiary of DoubleDragon which aims to have a total of 5,000 hotel room portfolio by 2020. This will be the third Hotel 101-branded property to be added to its portfolio, following the existing Hotel 101-Manila near Mall of Asia and Hotel 101-Fort, which is already under construction.
The upcoming hotel, a joint venture between HOA and Davao-based W2JP2 Corp., will rise on a 5,300-square meter prime commercial lot located at Eco West Drive at the side of SM City-Davao. It is targeted to offer rooms priced at P2,500 to P2,800 per night.
an artist’s rendition of Hotel 101 Davao which will rise by 2020
After signing the joint venture deal, top officials of DoubleDragon and W2JP2 paid a courtesy call to Davao City Mayor Sara Duterte.
Apart from its hotel rooms, the upcoming hotel will have a commercial and retail strip, and facilities to cater convention.
DoubleDragon recently upgraded its 2020 goal to achieve 1.2 million square meters of leasable space with a mix of office leasing, community mall retail leasing, industrial leasing and hotels.
“We envision Hotel 101 to become the largest and most recognized hotel chain in the Philippines, significantly contributing to the recurring income of DoubleDragon, and at the same time providing the market with an innovative, safe and secure investment platform,” DoubleDragon chair Edgar Sia II said.
Apart from Hotel 101, HOA is also exclusive master franchisee of JinJiang Inn in the Philippines. Jiang Inn, one of the largest hotel chains in China, is seen to cater to growing tourists from mainland China. HOA currently operates two JinJiang Inns in the Philippines, one located along San Miguel Ave. in Ortigas and another located along Pasay Road in Makati.