Land for Hotel 101 in Niseko acquired
DoubleDragon Corp. has completed the acquisition of a 9,000-square meter property in Hokkaido Prefecture, Japan where its first international Hotel 101 development will rise.
In a disclosure on Friday, the listed company said its subsidiaries DDPC Worldwide Pte. Ltd. and Hotel 101 Worldwide Pte. Ltd. had fully paid for the location for the upcoming Hotel 101-Niseko. The hotel is designed to house 518 rooms. It is projected to generate P8.1 billion in sales.
The Niseko hotel is targeting local domestic travelers in Japan and foreign tourists.
“Niseko is famous worldwide for its powder snow and Kutchan Town where the property is located is one of the foremost areas of heavy snowfall reaching 13 meters on average with some of the driest and lightest snow in the world,” the listed company said.
DoubleDragon explained that the “Hotel 101 concept allows [the firm] to generate revenue and income twice, first from the pre-selling of the condotel units, then second after the project is constructed, it will generate long-term recurring revenue from hotel operation.”
Last year, Hotel 101-Manila booked an average occupancy rate of 96.03 percent.
The company chaired by Edgar “Injap” Sia II hopes to make the homegrown Hotel 101 a world-class brand that has presence across the globe.
“DoubleDragon is set to jumpstart its homegrown hybrid condotel brand and concept Hotel 101 to become a global Filipino brand,” he said.
In the first half, the company saw its consolidated core net income rise by 29 percent to P1.20 billion. INQ
