The hospitality arm of DoubleDragon Properties Corp. is set to develop a 514-room Hotel 101 near the Mactan-Cebu International Airport, touted as the biggest airport hotel in the Visayas.
Hotel 101-Cebu is the last property asset needed to hit DoubleDragon’s 5,000-room hotel portfolio goal by 2020. This Cebu property is expected to generate P2.33 billion in unit inventory, which should start preselling this year, according to a DoubleDragon disclosure.
The upcoming hotel in Cebu is a joint venture between DoubleDragon subsidiary Hotel of Asia and U-Bix Group’s Federated Realty Corp.
Hotel 101 is an affordable hotel that has units sold to buyers seeking recurring earnings out of their property assets. The units are pooled and managed by the group and investors in each property get a uniform rate of return. The prototype for this hospitality brand is the 518-room Hotel 101-Manila property in the bay area.
The Cebu hotel will rise on a 5,493-square-meter prime commercial lot along the Cebu Mactan Airport terminal road. It will have a convention center and a commercial strip.
A total of six Hotel 101 projects are expected to simultaneously presell this year: Fort, Davao, Boracay, Bohol, Palawan and now Cebu.
Including Hotel 101-Cebu’s fresh inventory, DoubleDragon now has a total of P14.53 billion in Hotel 101 unit inventory which the group expects to fully sell out within the next two years.
“DoubleDragon strongly believes in the tourism positive prospects of our country. We are confident that the Philippines will surpass 10 million annual tourist arrivals very soon,” said DoubleDragon chair Edgar Sia II.
DoubleDragon’s hotel portfolio now covers 5,082 rooms across the Hotel 101, Jinjiang Inn, Skysuites, and Ascott-DD Meridian Park brands.
The company targets to complete a leasable portfolio of 1.2 million sqm by 2020 comprising of 700,000 sqm from 100 CityMalls; 300,000 sqm from its Metro Manila office projects DD Meridian Park and Jollibee Tower; 100,000 sqm from the planned 5,000 hotel rooms of Hotel 101 and Jinjiang Inn Philippines; and another 100,000 sqm of industrial space from various CentralHub sites across Luzon, Visayas and Mindanao.