DoubleDragon taps Sapporo airport builder for Hotel101 project in Japan
DoubleDragon Corp., the listed property developer of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, tapped the contractor that built the Chitose International Airport near Saporro, Hokkaido for its first overseas Hotel101 project in Northern Japan.
DoubleDragon said on Friday it signed an agreement with Japanese contractor Iwata Chizaki Inc. for the construction of its upcoming Hotel101 in Niseko, Hokkaido.
The signing was witnessed by President Ferdinand Marcos Jr. during an ongoing state visit in Japan, the company said.
Hotel101 Niseko will have 518 rooms, which will be sold to investors and end-users through pre-selling activities.
It is expected to generate a total $137.3 million, the developer earlier said.
DoubleDragon’s will use the project as springboard to roll out more Hotel101 projects across the world.
Its international subsidiary, Hotel101 Global Pte., will also serve as the overseas corporate initial public offering (IPO) vehicle for its overseas expansion.
Sia previously told the Inquirer that the company planned to take the hotel business public via an IPO in Singapore by 2025. The company’s valuation could reach $1 billion, however, this was an estimate that could still change.
The company’s long-term goal is to become one of the “top 10 largest hotel brands in the world.”
By 2023, it plans to reach 7,331 hotel rooms globally that were either operating or in its project pipeline. This would grow to 200,000 rooms by 2035, the developer said.
Last December, the company said Hotel101 Global was raising up to $125 million from venture capital investors to support its overseas expansion push.