MANILA -DoubleDragon Corp., the property company of tycoons Edgar “Injap” Sia II and Tony Tan Caktiong, said Hotel101 secured a foothold in the mainland US after acquiring a 3,600-square-meter lot near downtown Los Angeles.
Hotel101-Los Angeles will be the company’s third international location after sites were secured in two other continents: Madrid, Spain in Europe and Niseko, Japan in Asia.
“Given that the world economy is getting more and more fragile and volatile, we deemed it imperative that the only way to future-proof itself is to passionately pursue the target of DoubleDragon’s revenues to be derived from geographically diversified sources,” said Sia, who is the chair of DoubleDragon.
Hotel101-Los Angles will have about 622 units worth about $183 million or P10.3 billion, the developer said.
An architect’s perspective of the planned Hotel 101 in Los Angeles, California
The property in the Westlake North District of Los Angeles is located five minutes from downtown LA and 20 minutes from the Los Angeles International Airport.
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Hannah Yulo-Luccini, CEO of DoubleDragon subsidiary Hotel101 Global Pte. Ltd., said the US project rounds out their “first three strategic overseas sites”.
Hotel101 is a condotel business, meaning it generates revenue from the sale of units and also from rentals, whose revenues are shared with the unit owners.
Their main selling point is consistency across all locations since rooms will be of similar size and will offer the same amenities with hotel rates catering to the mid-end market.
“As history has taught us, major economic recessions have actually served as a launchpad for many inspiring entrepreneurs to leap forward,” Sia said.
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“These temporary periods of dislocation and chaos have created rare windows of opportunity for their businesses to strengthen their market grip and enable many of them to become what we know today as the world’s most incredible and durable businesses,” he added.
DoubleDragon earlier announced plans to open in 101 international locations by 2040. The near-term plan is to build hotels in 25 countries by 2026.